Calyx adds QuestSoft compliance technology to Point
30 January 2008 | 1575 views | 0
QuestSoft (Laguna Hills, Calif.), a provider of compliance software and geocoding services for lenders, announced at the 11th Annual Mortgage Technology Conference presented by SourceMedia that QuestSoft's Compliance EAGLE, an end-to-end, fully automated compliance review system, has been integrated into San Jose, Calif.-based Calyx Software's Point and Point Data Server.
Calyx is the mortgage industry's leading provider of loan marketing, originating and processing software.
Through the integration, Compliance EAGLE combines all components of mortgage lending compliance into a single, automated system for Point users. According to Calyx officials, QuestSoft's Compliance EAGLE integration significantly reduces potential risk exposure to both the mortgage professional and borrower by testing the loan application against federal, state and local regulations. Brokers using Point with Compliance EAGLE can quickly and securely review loan files and correct compliance errors prior to funding.
"The integration of Compliance EAGLE into Point makes the process of completing the loan application and disclosure forms more efficient with drastically less exposure to risk," said Dennis Boggs, senior vice president of Business Development at Calyx. "Using QuestSoft's system, every loan in a designated portfolio is reviewed and potential problems can be quickly identified and solved."
Compliance EAGLE uses the Mavent Expert System to perform a full range of compliance services. The software reviews Federal, state and local regulations, providing lenders and investors with increased confidence over reduced litigation and regulatory risk. In addition, Point users also benefit from loan portfolios that are salable, due to pre- and post-closing audits.
"Compliance EAGLE's interface with Point enables our company to deliver to more than 275,000 Point and Point Data Server users the same quality compliance review used by their investors," said Leonard Ryan, president of QuestSoft. "Also, using the Calyx network will enable Point and Point Data Server users to quickly and accurately review loan data against nearly 300 legislative acts, 200 license types, and mandated compliance policies from the industry's leading investors from any computer with an Internet connection."