ACES Risk Management (ARMCO) has upgraded its flagship quality control (QC) software system, ACES Web Audit Technology (ACES), to improve overall functionality while supporting lenders and originators still struggling with TRID compliance.
Version 5.0 of the system adds the Federal Housing Administration’s (FHA) loan defect taxonomy, enhanced optical character recognition (OCR), configurable missing document functionality and enhancements to ARMCO’s TRIDCompare tool.
Also included in the release is Loan Snapshot – new functionality that allows auditors to view loan data as it existed at the time the loan was selected for audit, even as the data for that loan changes over time.
“Because there are no hard-and-fast rules about how QC reviews should be conducted, flexibility in technology is crucial to ensure lenders can build a QC program that addresses their individual levels of risk,” says Phil McCall, chief operating officer for ARMCO, in a release. “With the addition of FHA’s defect taxonomy, Loan Snapshot and other ACES 5.0 enhancements, ARMCO continues to put the control back in the hands of QC staff, who can easily customize ACES to meet their unique organizational needs.”