Applied Business Software supports RESPA compliance
Quick Qualifier Software adds the HUD GFE for 2010
Responding to the need for more substantial and robust verification tools to thwart identity theft, Informative Research has introduced ID Verify Plus, a comprehensive report combining data verification from three sources. The report checks Social Security numbers directly against the Social Security Administration’s database (requiring consent from the applicant), the Office of Foreign Asset Control’s database, and credit repository databases to verify and track the usage and issuance of the SSN. As the definitive source for verifying social security numbers, the SSA provides the most reliable data available. Informative Research’s experience allows it the blend the data from these three sources into one easy-to-read identity verification report. ID Verify Plus is an excellent match for use in fraud detection, prevention or mitigation efforts to meet the Fair and Accurate Credit Transaction Act (FACTA) Red Flags compliance requirements. “With application fraud accounting for 61 percent of mortgage fraud incidents in 2008, the focus on verified data is increasing,” said Brad Kelso, vice president of marketing for Informative Research. “We have redoubled our efforts to verify as much of the application data as possible, and that includes Social Security Numbers. And, we can turn around the verification within a few hours.” For more information, visit www.informativeresearch.com.
PCLender.com Inc. has announced the availability of a technical integration
Bank of America Home Loans has begun providing its exclusive Clarity Commitment to customers entering permanent mortgage modifications under the government’s Home Affordable continued on page 35
• Tax Return Verification (4506 tax transcript done in less than 24 hours in most cases) • Flood Certification Report • Automated Valuation Model (AVM) Reports • Verification of Employment (VOE) Here’s what our customers are saying: “By using PCS’s VOE service, I was able to move the cost onto the HUD1 and virtually get the VOE’s done at no cost to my company” “PCS’s high level of customer service ensures that my loans close on TIME!”
Learn more about our services by calling, Lorenzo Pugliano, President and CEO at 631-299-2084. www.platinumcreditservices.com
FEBRUARY 2010
PCLender.com integrates with Leads360 and releases compliance matrix tool
Bank of America releases Clarity Commitment providing loan mod summary
NORTH CAROLINA MORTGAGE PROFESSIONAL MAGAZINE
Quick Qualifier, the prequal and marketing software for loan officers, has added the new U.S. Department of Housing & Urban Development (HUD) Good Faith Estimate (GFE) for 2010. With Quick Qualifier, users have the option of printing the Quick Qualifier closing cost sheet or the official HUD Form. Because most of the information needed to complete the HUD Form is already in Quick Qualifier, it is fast and easy for the loan officer to generate the completed form. The new module also has a database that tracks when and how the GFE was delivered to the borrower. The embedded PDF converter also gives the user single-click e-mail ability. “The timing of this new regulation is perfect for our newest version,” said Thor Skonnord, author of the software. “We try to give our customers something new and useful every year. While we spent most of the year making our
Informative Research releases identity theft tool
Valuation Code of Conduct (HVCC), and the Mortgage Disclosure Information Act (MDIA). For each of the 20 items, readers will find specific regulations, a clear description of the related issue, lender requirements, and how PCLender.com helps loan origination software customers remain compliant. According to PCLender.com management, the objective of creating the matrix is to provide a holistic view on compliance so lenders can ensure nothing slips by the operations team. Small violations that are systemic can add up to big penalties in a hurry. “Lenders can stay well-informed on the day-to-day developments of specific compliance issues through a variety of different media,” said Lionel Urban, president and co-founder of PCLender.com, “but there is still a real need to see it all covered in one place. Our Compliance Matrix provides an exhaustive summary of current compliance requirements, along with practical solutions for each.” Among the other compliance issues on the checklist are the Equal Credit Opportunity Act (ECOA), the Fair Credit Reporting Act (FCRA), the Fair and Accurate Credit Transactions Act (FACTA), Homeownership and Equal Protections Act (HOEPA), and various new state laws holding lenders responsible for the valid licenses of originators and third-party brokers. In each case, the regulation is either entirely new, changed in some way that requires adjustment on behalf of lenders, or being monitored and enforced with more thorough methods. For more information, visit www.pclender.com or www.leads360.com. www.NationalMortgageProfessional.com
Applied Business Software (ABS), developers of The Mortgage Office origination and servicing software, has announced a software update that will aid loan originators with Real Estate Settlement Procedures Act (RESPA) regulations. The Mortgage Office software update now calculates and prints federally compliant documents. With loan originators now required to generate several new forms, including a revised Good Faith Estimate (GFE), Disclosure of Key Loan Terms, Closing Costs and Yield Spread Premiums, as well as a revised HUD-1 Settlement Statement, ABS fully interfaces with the Microsoft Office suite of products and is designed to make loan servicing and the process of loan servicing more profitable, efficient and accurate. “This update took nine months of research and development, including communications with industry organizations,” said Jerry Delgado, president of ABS. For more information, visit www.absnetwork.com.
software compatible with Vista and Windows 7, adding the GFE option is an ideal addition to help lenders deal with the changes. Not only does it create the form, but it fills in the blanks according to the new guidelines.” For more information, visit www.quickqualifier.com.
with Leads360, a provider of sales lead management software, resulting in an interface that eliminates redundant data entry and accelerates the sales cycle. According to Leads360 management, the best lead generation technology focuses on efficiency at all phases of the loan process. “We believe that the integration that PCLender.com has achieved with Leads360 is the best loan origination integration available today not only for our clients but for any lender using lead management software,” said Dan Morefield, president and chief executive officer of Leads360. “The bottom line is that we are dedicated to ensuring that our clients contact leads more quickly and close loans more efficiently than any competing bank or broker can. The robustness of our PCLender.com integration aligns perfectly with that objective and we are very pleased to hear the positive reactions from our client base.” With the new integration, lenders that use Leads360 to manage leads and PCLender.com’s loan origination system, InHouse Mortgage, can import lead data from Leads360 into InHouse Mortgage with one click. Phone-based salespeople that, in the past, had to key data into InHouse Mortgage while speaking to prospects are now able to focus their full attention on the sales call. “If lenders hope to compete in today’s market, they can no longer ignore the significant advantages that emerging technologies such as ours provide,” said Sean Dugan, senior vice president of sales and marketing for PCLender.com. PClender.com has also announced the availability of its Compliance Requirements Summary Matrix to assist the lending community with a comprehensive plan for managing current and future regulatory changes with confidence. The free document is available for download at www.pclender.com/white_paper_compliance.ph p, and includes details on 20 compliance issues that have emerged as business fundamentals in the tumultuous past 18 months, including the new Good Faith Estimate (GFE), the Home
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