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PCLender.com Extends Mortgage Lending Compliance Functionality Regulatory, investor and security requirements managed on unified platform in SaaS environment
(May 6, 2008) Honolulu, HI - PCLender.com, a fully hosted web based software and services solutions provider to mid-sized mortgage bankers and financial institutions, has extended the compliance functionality of its InHouse Mortgage enterprise lending platform to encompass the entire front to back end mortgage lending continuum, protected by its SAS 70 Type II certified security and redundancy enabled infrastructure. On the front end, the seamless InHouse Mortgage enterprise solution provides initial disclosures, data verification workflow ensuring that loan originators gather appropriate information before proceeding, state license tracking, loan program modification, and ECOA tracking. Utilizing an integrated library of over 3,000 forms allows lenders to ensure disclosures are accurately completed for RESPA, FACTA, and TILA for conforming, FHA, VA, HELOC's, and construction lending programs. InHouse Mortgage back end compliance features provide high cost checks via Interthinx or ComplianceEase, HMDA reporting and data verification. Reporting tools are incorporated within the enterprise loan origination system to simplify the oversight of all staff including external branches and remote employees. This quickly summarizes potential compliance issues to validate the lenders policies and procedures are enforced. Additionally, integrated business logic is configured to require users to complete specific tasks such as obtaining government monitoring information for HMDA reporting prior to activities such as running credit reports. Delivering the most sophisticated level of security and redundancy available, the InHouse Mortgage platform guarantees disaster recovery and business resumption, and includes data encryption and configurable user security rights based on role, group, or status. Developed as an on-demand software-as-a-service (SaaS) solution, PCLender InHouse Mortgage eliminates the costs associated with maintaining compliant infrastructure and enfolds compliance within its variable cost model. PCLender.com customer Montana-based Mann Mortgage operates in Arizona, California, Colorado, Idaho, Montana, Nevada, North Dakota, Oregon, Washington, and Wyoming through 22 branch offices, seven satellite offices and approximately 200 employees. When Mann Mortgage selected the PCLender InHouse Mortgage enterprise lending platform, it took into consideration the system's security characteristics and feature functionality more so than its affordability. "Our company selected the PCLender solution by vote based in part on its compliance with the ten Western states where we operate," said Mann Mortgage CIO Robert Jones. "We were also attracted by the fact that our data will live in American data centers, since we didn't want our data residing in third world countries." "There is no grey area. Compliance is either a stumbling block or a stepping stone to mortgage lending success," said PCLender.com founder and president Lionel Urban. "PCLender.com has developed a compliance-centric enterprise lending solution to help lenders - especially financial institutions such as banks and credit unions - effectively manage the challenges of meeting their compliance requirements." Automating front and back end compliance within the InHouse Mortgage orchestrated workflow allows lenders to reduce the risk of unscrupulous employee behavior or human error, while the security and redundancy portion of compliance replaces the need to maintain costly internal IT resources, allowing greater focus on lenders' core business competencies. "Quality mortgage lending practices are founded on a comprehensive plan that ensures lender operations comply with all investor and regulatory requirements, not the least of which pertain to security and data management," said PCLender vice president for sales Sean Dugan. "The complexity of the mortgage process and the vast amount of loan record data demands that lenders adopt well-informed automation strategies and leverage dynamic technology tools to ensure enterprise compliance." PCLender InHouse Mortgage meets the security requirements established by Graham Leach Bliley (GLB), Sarbanes Oxley (SOX), and Federal Financial Institutions Examinations Council (FFIEC). GLB provides requirements to protect customer data, SOX makes the managers and executive team liable (with criminal penalties) and FFIEC sets forth guidelines regulated institutions are required to follow. About PCLender.com Honolulu-based PCLender.com (www.PCLender.com) has for more than a decade helped mortgage bankers accelerate business performance goals through technology-enabled best practices guidance, services and solutions. PCLender InHouse Mortgage is a fully hosted enterprise mortgage lending platform that eliminates traditional "barriers to entry" for mortgage bankers, community banks and credit unions seeking business process improvements on par with the Fortune 500. For more information about PCLender contact Lionel Urban at Lurban@PCLender.com |
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