May 2016 - Rise and Fall

TheMReport — News and strategies for the evolving mortgage marketplace.

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TH E M R EP O RT | 7 LOS to the AMB (Accounting for Mortgage Bankers) platform. "Most of the integrations we have done involve an LOS system pushing data to us," said Brian Lynch, president of Advantage Systems. "The integration between Advantage Systems and LendingQB allows us to reach in and get the information we need. This tool allows us to minimize implementa - tion costs to our clients and gives them the flexibility to make changes when needed." LendingQB's open architecture API (application protocol interface) allowed Advantage Systems to quickly build a first-phase integration. "We specifically built our API to provide a simple but secure method for outside companies to access virtually any field in a loan file," LendingQB President Binh Dang said. "Our API is ideal because all lenders perform their accounting and reporting in a slightly different way. It has built-in flexibility and extensibility to allow AMB and the lender to customize the data they want to access." When transactions and reconcili - ations are recorded on a daily basis, there is much less to do at month-end, and peak periods of activity are kept to a minimum, the announcement said. "This approach eliminates the veritable avalanche of data at month's end that needs to be reconciled," Lynch said. "The books are closed more quickly, and because reconciliations are done more often, there is a higher degree of confidence in those financials. We believe the integration with LendingQB allows lenders to perform better accounting with less staff." LendingQB noted that the integration with AMB is an extension of their "Lean Lending" solution strategy, which promotes operational efficiency through the implementation of best practices and partnering with best of breed industry providers. "We want to provide lenders with technology solutions that do more than just exchange data with any third-party company," Dang said. "Advantage Systems is an innovator and respected provider of accounting solutions for mortgage lenders. We are proud to be the first LOS to partner with them to create a solution that helps our clients work smarter." ComplianceEase Launches New TRID Technology CLOSINGXCHANGE SOLUTION TO INCREASE COMPLIANCE, REDUCE ERRORS C omplianceEase, a provider of automated compliance solutions to the financial services industry, recently released a new technology solution to help lenders and settlement agents comply with the TILA-RESPA Integrated Disclosure (TRID) rule. The new solution, called ClosingXchange, enables lenders and settlement agents to maintain communications and exchange data securely and seamlessly with regard to TRID. "Even before the TRID rule took effect, RESPA and TILA- related issues were prevalent: For example, our data showed that 17 percent of loans failed for TILA and 6 percent for RESPA at the end of the first quarter of 2015," said Jason Roth, CTO of ComplianceEase. "TRID has significantly increased the level of difficulty in terms of communica - tions and collaboration between lenders and closing agents." Roth said ClosingXchange will also cut down on errors. "The old way of delivering documents through different portals and communicating via insecure emails is now not only ineffective, but also susceptible to errors," he said. "ClosingXchange will allow lenders and settlement agents to truly partner with each other, monitoring compliance risk with the industry leading compli - ance tool, speeding up turn times, automating processes, and originating and closing loans that comply with TRID." According to ComplianceEase, the ClosingXchange solution: • Reduces risks by flagging fee changes throughout the lifecycle of a transaction and analyzing the impact of those adjustments based on changed circumstances. The solution can identify fee tolerance variances with valid changed circumstances before loans close. It works with ComplianceAnalyzer with TRID Monitor, the company's online compliance management platform for real-time, integrated, loan-level auditing including pre-close and post- consummation reviews. • Uses Uniform Closing Dataset (UCD) XML data files as well as PDF documents to perform real-time analysis to reduce cycle time—eliminating manual "stare and compare" change detection. • Reduces manual data entry with integrated data delivery and leverages existing settlement agent production software for producing closing statements and data, so there is no need for a separate document generation portal. It further streamlines the process by automating post- closing, final document delivery, and document tracking. • Has an integrated file delivery system, so lenders and settlement agents can collaborate in a secure, real-time communications environment, instead of relying on insecure and outdated email, fax, phone, or courier services. This helps improve the quality and efficiency of the closing workflow while also protecting the security and privacy of borrowers' non-public personal information. • Maintains an audit log of all conversations, documents, status changes, approvals, scheduling of events, changes of circumstance, and delivery timing in a single objective record that can be accessed via a web browser. ClosingXchange is being integrated with many settlement services software systems. Additionally, it can be integrated via web services into loan origination, document generation, and other systems and has an easy-to-use interface that requires minimal training. MTECH "The old way of delivering documents through different portals and communicating via insecure emails is now not only ineffective, but also susceptible to errors." —Jason Roth, CTO, ComplianceEase

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