TheMReport — News and strategies for the evolving mortgage marketplace.
Issue link: http://digital.themreport.com/i/239959
local edition Or ig i nat ion SERVICING ProLender Expands Integration with QuestSoft Compliance Platform s e c on da r y m a r k e t a na ly t ic s Se r v ic i ng California-based company adds technology to ensure compliancy. California // ProLender Solutions, Inc., a provider of paperless mortgage lending software, announced it has added flood, fraud, and Nationwide Mortgage Licensing System (NMLS) services to its existing interface with QuestSoft's Compliance EAGLE platform. With the expanded services, ProLender users have a simpler method to verify flood certifications, fraud compliance, and NMLS license information prior to closing loans. "With the addition of fraud, flood, and NMLS services, our existing integration gives our clients a robust set of compliance tools previously not available," said Kevin Roczey, ProLender Solutions president. "With the overwhelming number of changes in regulations, compliance is more important than ever, and now our clients have an easy and verifiable way to ensure compliance is being adhered to correctly." Now, ProLender users can choose the services they wish to order from a simple screen within the company's loan management system. After being pulled from the loan record, the data is sent to Compliance EAGLE for evaluation against compliance regulations and standards at the federal, state, and local levels, giving audit results within seconds. ProLender also tracks the status, date, time, and information of the user who ordered each service, giving an accurate record of the compliance review on every loan. When a document is returned, a copy is automatically archived within ImageCenter, with key information going into the loan record. 48 | The M Report "In today's highly regulated mortgage market, automated compliance tools are no longer an option—they're a must," said Steve Butler, SVP at QuestSoft. "ProLender is adding our complete suite of compliance reviews to reduce lender risk and exposure, and ensure the sustainability of every client." LRES Adds New Client PennyMac is now under the LRES umbrella. california // LRES, a national provider of commercial and residential valuations and asset management, announced it is now serving the retail lending division of California-based PennyMac Financial Services. As part of its services for PennyMac, LRES is managing appraisals that comply with all USPAP requirements as well as all state and federal appraiser independence regulations for the company's customers. "We look forward to nurturing a long-term partnership with PennyMac and providing quality service and customizable valuation solutions for its customers," said LRES CEO Roger Beane. LRES' automated selection process assigns the most experienced local appraiser for PennyMac for each appraisal in every market. LRES' staff then reviews the appraisal, ensuring it meets underwriter readiness and fits all regulatory requirements, including those set by PennyMac and HUD. "We developed our relationship with LRES because the company has a solid reputation throughout the industry for costeffectively managing its network of appraisers, which delivers quality appraisals quickly, with a strong focus on compliance," said Paul Atkinson, first VP of PennyMac. LoanLogics Monitors and Reviews MERS New service offers specialty audit reviews and tests so that servicers stay compliant. PENNSYLVANIA // LoanLogics, a leader in loan quality management and performance analytics, announced the unveiling of its MERS Independent Third Party Performance Monitoring and Annual Review service. The specialty audit practice reviews and tests MERS controls and processes so servicers can ensure they are compliant with MERS regulations and avoid scrutiny. "Lenders have long recognized the importance MERS plays in helping save time, money, and improving accuracy. At the same time, however, there is an extensive procedures manual that services have to familiarize themselves with, and that can prove to be a daunting task for many of them," said Gary Vandeventer, who recently joined LoanLogics as VP of loan servicing consulting after serving as VP of MERS' product division. In addition to checking for the presence or absence of certain processes, the service evaluates how a client runs its MERS operations and examines if they can meet their required time frames. "We make sure the rules covering MERS have been implemented and tested, and that allows our clients to feel confident that they can pass a MERS audit without any issues," Vandeventer said. "That's a critical consideration in the wake of everything that has happened to the mortgage industry over the past few years."