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Compliance Systems LLC and PowerLender LOS Form Partnership For Compliant Docs

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Compliance Systems LLC has partnered with Associated Software Consultants, Inc. (ASC), a leading provider of flexible lending solutions, to provide a dynamic commercial document solution to lenders using ASC’s PowerLender® Loan Origination System (LOS).

The partnership leverages the integrated dynamic document solution provided by Compliance Systems with PowerLender’s origination capabilities for commercial loans to enable compliance across all lending channels. The Compliance Systems integration with PowerLender allows lenders to streamline workflow, reduce errors, eliminate redundancies, and speed the lending process while lowering overall loan costs.

Configurability is key to meeting industry demands for digital lending solutions and streamlining processes to reduce friction for commercial lending. PowerLender reflects ASC’s commitment to helping its clients respond to current business needs while retaining the flexibility to adapt to evolving demands.

“ASC is a natural fit for Compliance Systems, both from an organizational perspective and technology perspective. Their personal relationships with their clients align with our service philosophy. And the versatility of PowerLender makes it a logical choice for our commercial compliance solution, which puts control and flexibility in the hands of our clients, “said Ronny Chapman, President of Compliance Systems.

“We are excited to partner with Compliance Systems to offer compliance to our commercial lenders,” said David Stricklen, VP of Lending Technology at ASC. “Our clients will see the immediate benefits of PowerLender’s integration with Compliance Systems through faster loans and overall lower costs all under the umbrella of compliance.”

About Compliance Systems

Compliance Systems is a best-in-class provider of financial transaction technology and expertise based in Grand Rapids, MI. With more than 26 years’ experience with financial transaction data analysis and documentation, Compliance Systems currently supports content configuration and compliance risk management at more than 1,500 U.S. banks and credit unions. Compliance Systems, in concert with an extensive Lending, Deposit, and Core FinTech partner network, equips financial institutions to mitigate the inherent business risk associated with perfecting commercial and consumer loan and documenting deposit transactions. Compliance Systems minimizes transaction risk and reduces resource expenditures so that institutions can focus on business development. For more information, please visit www.compliancesystems.com.

About PowerLender

The PowerLender Loan Origination System is developed, supported and marketed by Associated Software Consultants, Inc. (ASC). ASC has pioneered the delivery of flexible loan automation technology to mortgage, consumer and commercial lenders of all sizes. ASC’s business strategy focuses on providing software and support services that enable lenders to improve the volume and quality of their business, streamline workflow and reduce costs. ASC’s lending solutions enhance lending operations, improve overall profitability and better serve borrowers, lenders, service providers and other constituents. For additional information about PowerLender and ASC, call 800.628.4687 or visit the company’s Web site at www.powerlender.com.

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VirPack & PowerLender Synergies Provide Lenders with Document Management Efficiencies

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Simplified Processes Makes for Faster Loans and Better Service

Lenders using the PowerLender® Loan Origination System are capitalizing on competitive advantages offered by VirPack™, a leading provider of document management, virtual workflow and electronic delivery solutions for the lending industry. VirPack’s Document Management and Delivery System (DMDS) capabilities include upload, access and indexing features that provide lenders and their constituents with secure, accurate and time-saving methods of managing loan documents during the lending process. PowerLender provides lenders with a secure and robust system of record whose flexibility promotes workflow control, data-validation, and stakeholder communication. Together, PowerLender and VirPack enable greater operational efficiencies and role-based transparency across the lending process.

Our Joint Success

One PowerLender user leverages the synergy of these two companies by allowing their third-party originators (TPO) to efficiently submit and lock loans in PowerLender and then upload the required documentation using the VirPack DMDS. PowerLender identifies and communicates existing loan conditions back to the TPO who completes the document fulfillment process using VirPack, resulting in a faster and more accurate process.

The lender’s back office staff is able to engage VirPack DMDS capabilities to better manage the condition identification and elimination process in PowerLender. Management can quickly access files electronically and save time with automated indexing which eliminates redundant processes, bringing them significantly closer to achieving their goal of becoming a paperless lending operation.

For this lender, VirPack and PowerLender were able to reduce the time from lock to close on their TPO loans. Through this partnership, they realized increased volumes and additional TPO participation, attracted by the ease of the document fulfillment process and faster, cleaner loan closings.

About VirPack

VirPack is a pioneer of innovative, award-winning technologies and solutions since 1998. A leading provider of virtual document management, imaging and delivery solutions, VirPack has enabled lenders to gain competitive advantages by increasing productivity and improving operational efficiency across the lending process. VirPack leads the mortgage loan industry with its end-to-end paperless document management platform. For additional information, visit www.virpack.com.

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PowerLender Enhances Mortgage Compliance Through Integration with QuestSoft’s Compliance EAGLE

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LAGUNA HILLS, Calif.–(BUSINESS WIRE)–QuestSoft, the leading provider of comprehensive mortgage compliance automation, now offers its end-to-end mortgage compliance platform to more lenders nationwide through an integration with Associated Software Consultants, Inc.’s (ASC) PowerLender® loan origination system (LOS).

With Compliance EAGLE’s proactive loan compliance tools and capabilities, lenders using PowerLender can save time and avoid costly penalties by testing every loan for full adherence to national, state and investor rules and regulations both and pre- and post-closing. Compliance EAGLE automates the entire mortgage lending compliance process through a single platform, delivering increased speed, data integrity, and reporting capabilities. Additionally, as new regulatory guidelines are introduced to the mortgage industry, Compliance EAGLE automatically applies updates to maintain optimal compliance procedures.

“Compliance impacts every step of the mortgage process,” said John Liston, co-owner and director of product development at Associated Software Consultants. “Partnering with QuestSoft’s Compliance EAGLE ensures that our lenders can test every loan for adherence to the regulations at any step of the loan process, eliminating the need for costly changes to a loan post-closing for compliance issues.”

Lenders using PowerLender and Compliance EAGLE’s automated compliance rule sets can automate the screening of loans for adherence to Ability-to-Repay/Qualified Mortgage (ATR/QM), Home Mortgage Disclosure Act (HMDA), Home Ownership and Equity Protection Act (HOEPA), Office of Foreign Assets Control (OFAC), Social Security Number (SSN) checks, and more regulations. Users can select the services, reviews and tests to administer and quickly view the results, gaining valuable insight on which services have passed or failed. Furthermore, QuestSoft’s Compliance EAGLE software verifies and complies with federal, state, local consumer and high cost tests.

ASC’s PowerLender processes loans for primary and second mortgages, construction, HELOCs, personal, vehicle, energy and manufactured housing loans as well as nontraditional products for private banking and wealth management. Its system goes beyond traditional LOS technology by enabling growth while dramatically lowering costs.

“The constantly evolving regulatory environment of the mortgage industry makes automated compliance essential for a quality loan portfolio that improves asset profitability while reducing unnecessary risk exposure.” said Leonard Ryan, president of QuestSoft. “PowerLender’s integrations with Compliance EAGLE reduce the time and expenses associated with complex compliance processes. At the same time, their customers can trust the integrity of the data, thereby ensuring full compliance with the latest regulatory updates, applicable laws and secondary market guidelines.”

About Associated Software Consultants, Inc.

Associated Software Consultants, Inc. (ASC) designs and markets loan automation and secondary marketing software for use by mortgage lenders, community banks and housing agencies. ASC’s business strategy focuses on providing software and support services that enable lenders to improve the volume and quality of their business, streamline workflow and reduce costs. The company’s lending solutions enhance primary and secondary mortgage operations, improve overall profitability and better serve borrowers and other constituents. For additional information about ASC, visit the company’s Web site at www.powerlender.com.

About QuestSoft®

Laguna Hills, Calif.-based QuestSoft is a leading provider of comprehensive compliance software and services for the mortgage, banking and credit union industries. QuestSoft combines 20+ years of mortgage regulatory, CRA and Fair Lending compliance analytics, data management and software design expertise with best-in-class customer service to consistently improve client compliance accuracy and facilitate smoother regulatory audits. QuestSoft products, interfaced with over 40 LOS providers, enable more than 2,500 clients to simplify and speed the collection, analysis, compilation and reporting of key lending regulatory report data. For more information, call 800-575-4632, ext 1, or visit www.questsoft.com.

Contacts

For QuestSoft:
Stephen Sprayberry, 678-781-7207
stephen@williammills.com
or
David Jones, 678-781-7238
djones@williammills.com

For PowerLender:John Liston, 800-628-4687 x137

jliston@powerlender.com