QuestSoft, a provider of automated mortgage compliance software, has updated its Compliance EAGLE solution with an upgraded data dictionary as the next step in helping lenders comply with the Consumer Financial Protection Bureau's (CFPB) 2015 integrated disclosure reform.
The upgrade provides the data field framework for lenders to incorporate the upcoming changes to the Real Estate Settlement Procedures Act (RESPA) and the Truth in Lending Act (TILA). Lenders using Compliance EAGLE will be able to run pre-closing compliance tests on every loan to ensure that the new regulations – such as the disclosure waiting period – were correctly implemented.
Upcoming upgrades to Compliance EAGLE will include testing environments to provide lenders with time to adjust operations prior to the August deadline.
‘Our customers are already upgrading their compliance technology and preparing to begin testing their new operations,’ says Leonard Ryan, founder and president of QuestSoft, in a release. ‘With the recent and upcoming upgrades to Compliance EAGLE, our customers will be able to test their compliance engines well in advance of the new rule, providing peace of mind that their systems and staff are prepared.’
Compliance EAGLE is a Web-based automated compliance engine that evaluates a loan file for adherence to the full range of mortgage lending regulations. QuestSoft consistently monitors new regulations and updates the software monthly to ensure compliance with newly enacted rules and regulations. The company also works closely with more than 15 loan origination system providers to ensure seamless data transfer.
Adherence to CFPB regulations is performed through Compliance EAGLE's direct integration capabilities, and is used by the government sponsored enterprises, in addition to lenders and mortgage investors nationwide.