Mortech, a Zillow business providing mortgage technology software solutions for mortgage bankers and secondary market teams, continues to refine the compliance tools built into its Marksman pricing engine.
The company reports that it has added new functionality to the compliance tools rolled out in November to help lenders comply with the Consumer Financial Protection Bureau's new ability-to-repay/qualified mortgage (QM) rules.
The suite of tools covers the specific compliance checks required for the QM rule, including annual percentage rate/annual prime offer rate check spread; applicable debt-to-income ratios; lender fees and points calculation; and non-qualification due to loan risk.
With these new tools built into Marksman, loan originators can manage compliance upon intake, prior to the loan application entering the loan origination system.
The new functionality enhances those tools while also offering a detailed compliance worksheet for loan officers, the company states in a press release. The worksheet provides a complete overview of the loan scenario, both at the application stage and when the loan is locked, that illustrates exactly what tests have been performed and the results. This makes it impossible for a lender to accidentally approve a deal that is non-compliant, the company claims.
‘We released our suite far ahead of the compliance deadline to prepare our customers for the new regulations and to allow our users to test the suite and offer feedback,’ says Tom Erickson, mortgage industry and compliance specialist for Mortech. ‘Our compliance tools have been very well received, and our new enhancements make Marksman the easiest and most effective compliance solution lenders have at their disposal to identify compliance issues early in the loan process.’
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