QuestSoft and OpenClose Partner to Provide Compliance with Multi-State Exam LEF Submission
Laguna Hills, California-based QuestSoft Corporation, a provider of mortgage compliance software and services for lenders, has integrated its Compliance EAGLE platform with West Palm Beach, Florida-based Open-Close's loan origination software, LenderAssist[TM], to automate the preparation and submission of loan data for the new state exam procedures. As lenders begin preparing for the new multi-state lending exams, the QuestSoft/OpenClose partnership will significantly ease the pressures upon lenders to remain compliant, according to the companies.
Administered jointly by the Conference of State Hank Supervisors (CSBS) and the American Association of Residential Mortgage Regulators (AARMR), the multi-state exams for state-charted lenders began in January, with most states rolling out the exams later this year. Part o the new exam process requires lenders to submit a standardized Licensee Examination File (LEF) as required by regulation or upon request of state examiners.
Compliance EAGLE, which is LEF-certified through RegulatorConnect, enables LenderAssist users to easily test loan files for compliance with federal, state and investor regulations and guidelines.
"Staying abreast of every new regulation and law being mandated at the federal and state levels is overwhelming at best," said Leonard Ryan, president of QuestSoft. …