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Lenders Compliance Group  

partners with  

MortgageFlex Systems
9/4/14

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I am pleased to announce today that Lenders Compliance Group is partnering with MortgageFlex Systems, an established provider of loan origination and servicing technology.  

 

Craig Bechtle, Chief Operating Officer of MortgageFlex, has said that "compliance is our customer's key focus and it is our responsibility to deliver a secure system that is federally compliant. While the upcoming RESPA changes are being touted as beastly by some vendors, there's no reason for panic if your technology vendor is acting proactively and taking their customers' needs into consideration."

MortgageFlex utilizes a three-pronged compliance approach to risk management. The LoanQuest loan origination system has continual compliance calculations backed up with seamless integrations to third-party document providers in addition to a partnership with Lenders Compliance Group. 

 

We will provide substantial compliance resources and guidance to MortgageFlex, especially with a view toward supporting demanding regulatory implementation requirements.  

 

For instance, the Consumer Financial Protection Bureau's 2015 compliance changes are the most sweeping yet and will literally change the face of lending. The latest makeover includes combining RESPA (Reg X) and TILA (Reg Z) disclosures and the new Closing Disclosure form taking the place of the HUD-1 and TIL forms. Existing GFE and TIL forms will be eliminated and a single Loan Estimate form created.

Additionally, Freddie Mac and Fannie Mae have released the Uniform Closing Dataset, a common industry dataset that leverages and maps to Mortgage Industry Standards Maintenance Organization (MISMO) data standards, to support implementation of the TILA/RESPA Closing Disclosure form. MISMO is developing a corresponding mapping dataset for the Loan Estimate.  

 

Craig has confirmed a commitment to compliance support for the LoanQuest customers, when he says that "MortgageFlex has taken an additional security step to facilitate a smooth transition to these changes. We have chosen to employ Lenders Compliance Group to provide services on an ongoing basis."   

 

In my view, MortgageFlex is a leader in loan origination systems and is proactive in offering its clients outstanding products and services, fully supported by an effective commitment to reliable compliance. Through our partnership with MortgageFlex, we plan to enhance its mission of providing hands-on access to timely and competent regulatory compliance guidance, while also ensuring that the LoanQuest LOS fully meets the CFPB standards.

 

Importantly, not only will we be supporting LoanQuest's on-going compliance, Lenders Compliance Group will interact with LoanQuest's customers during monthly compliance conference calls, answering or clarifying regulatory compliance concerns. This is a unique opportunity for the LOS user to obtain information that directly affects the daily origination of residential mortgage loans.

 

If you have any questions, please feel free to contact me.

 

Regards,

Jonathan

 

Jonathan Foxx 
President and Managing Director   



LENDERS COMPLIANCE GROUP is the first full-service, mortgage risk management firm in the United States specializing exclusively in outsourced mortgage compliance and offering a full suite of services in residential mortgage banking for banks and non-banks. We are pioneers in outsourcing solutions for residential mortgage compliance. We offer our clients real-world, practical solutions to mortgage compliance issues, with an emphasis focused on operational assessment and improvement, benchmarking methodologies, Best Practices, regulatory compliance, and mortgage risk management.
 
This newsletter is free to subscribers, clients, and colleagues, who also regularly receive our free Mortgage Compliance Updates, Publications Notices, and Commentaries.
 
Information contained in this email is not intended to be and is not a source of legal advice. The views expressed are those of the contributing author, as well as news services and websites linked hereto, and do not necessarily reflect the views or policies of Lenders Compliance Group, any governmental agency, business entity, organization, or institution. Lenders Compliance Group makes no representations concerning and does not guarantee the source, originality, accuracy, completeness, or reliability of any statement, information, data, finding, interpretation, advice, opinion, or view presented herein.
 
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