IndiSoft, a Columbia, Md.-based technology firm, has introduced RxOffice Compliance for mortgage loan originators and servicers.
According to the company, RxOffice Compliance is designed to decrease operational costs and compliance expenditures while reducing the risk of credit losses. The system enables quality control, auditing and underwriting personnel to maintain a secure, centralized rules library housed in a common spreadsheet format.
Additionally, the company adds, RxOffice Compliance allows multiple parties, including outside counsel and processing vendors, to collaborate through an automated workflow engine, which automatically routes tasks to appropriate users, recording all interactions and providing real-time reports to track progress.
‘Regulatory compliance now makes all processes, in particular auditing and quality control tasks, extremely time-sensitive, requiring mortgage bankers to work quickly while maintaining detailed records of all activities,’ says Sanjeev Dahiwadkar, president and CEO of IndiSoft. ‘RxOffice Compliance enables [mortgage bankers] to meet regulatory compliance and enhance loan performance and execution by accurately evaluating potential borrowers at the onset and efficiently fulfilling required post-closing analysis of each loan.’