new to market
Right Right is Right Right.. Right? Right? That would be nice, but sometimes
FEBRUARY 2011
NEW JERSEY MORTGAGE PROFESSIONAL MAGAZINE
NationalMortgageProfessional.com
36
simply following a regulation or rule just isn’t quite enough. AQC’s motto, “We Do the Right Thing Right,” highlights our unique perspective on quality control assessments and recommendations. Choose AQC for all of your QC needs, then watch us go the extra mile to minimize undue risk for you and your investors. Right from the start—right from the heart. Give Us a Try ~ No Strings Attached
2 Free Quality Control Reviews *New AQC Clients Only
Call Genny Kelly or Judy Nash-Ellis
770.931.5999
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plays all the related details surrounding a fee, including indicating a changed circumstance for the fee. To provide more detailed information to the user, an Event Date tab was added to the Disclosure History screen that reflects the most recent reason for disclosure or re-disclosure. Other features were expanded including the HUD-1 Compare Value, Disclosure Value and Actions capabilities. “We strive to provide the mortgage industry with innovative loan origination software that is easy to use, efficient, compliance-focused, and stays ahead of today’s ever-growing regulatory mandates,” said Cy Brinn, chief operating officer of PCLender.com. “Our latest advancements in InHouse Mortgage provide mortgage bankers and financial institutions with straightforward automation to use to comply with RESPA’s fee disclosure requirements without feeling overwhelmed in the process. Our new RESPA capabilities remove the hassle for lenders in determining if they’ve taken the appropriate action to meet current mandates and regulations.” PCLender.com’s LOS, InHouse Mortgage, is an easy-to-use, Internetaccessible mortgage software system that can be tailored to a lender’s business process and workflow. Standard implementation is fast, well defined, and affordable and a company’s data is securely hosted, eliminating the need for additional technology hardware and service expenditures. .Available in three separate modules, InHouse Mortgage can meet the unique needs of lenders of all sizes and types. Helping customers stay compliant is a priority for PCLender.com. PCLender provides a Compliance Requirements Summary matrix that details 20 compliance issues that have emerged as business fundamentals for organizations. Included in the document are the new Good Faith Estimate (GFE), appraisal rules (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 specifically how PCLender.com loan origination software can assist customers in staying compliant. For more information, visit www.pclender.com.
Ellie Mae Announces the Launch of Its Encompass Product and Pricing Service
www.AccurateQC.com Quality Control Services . Training . Consulting
Ellie Mae has announced the launch of its Encompass Product and Pricing Service. This integrated service is powered by recently acquired Mortgage Pricing System’s LEAP loan eligibility and pricing product, which has been
rebranded as an Encompass360 feature. Ellie Mae acquired substantially all the assets, including the LEAP loan eligibility and pricing product, of Mortgage Pricing System LLC in a transaction that closed on Jan. 3, 2011. “Encompass Product and Pricing Service responds to our clients’ desire for a more seamless workflow while furthering our goal of providing a comprehensive solution spanning from customer acquisition to investor delivery,” said Jonathan Corr, chief strategy officer for Ellie Mae. “Encompass Product and Pricing Service adds important functionality that will enhance our clients’ ability to originate high quality and well executed mortgages.” Encompass Product and Pricing Service provides loan product eligibility and pricing information based on the specifics of each loan. It is available as an option to all Encompass360 clients directly from their Encompass360 systems. Ellie Mae’s existing relationships with product and pricing providers on the Ellie Mae Network will not be affected so users may also maintain direct access to their choice of the approved providers on the Ellie Mae Network. “We are excited to become part of the Ellie Mae family,” said Tom Lyons, director of relationship management for Mortgage Pricing System. “Like MPS, Ellie Mae is a client-centric company focused on elevating loan quality. We look forward to extending the power of our solution to Encompass360 customers.” For more information, visit www.elliemae.com.
BytePro 5.0 Upgrade Offers New Risk-Based Pricing Disclosure and Updated TIL Byte Software, a provider of mortgage software for banks, credit unions, mortgage bankers and mortgage brokers has announced the release of BytePro 5.0. Version 5.0 includes vital regulatory updates to keep Byte Software clients compliant and provides new back office functionality for selling loans on the secondary market. As of Jan. 1, 2011, originators are required to supply each borrower with a new Risk-Based Pricing disclosure as required by the Federal Reserve under the Fair and Accurate Credit Transactions Act (FACT Act). Like previous credit disclosures, the Risk-Based Pricing disclosure lists the borrower’s credit score and the factors that influence the score. In addition, the new disclosure indicates how the borrower’s credit score ranks in comparison to other consumers. This “score rank” can be in the form of a bar chart or a simple statement. For instance, for a borrower with a high credit score the dis-