ACES Risk Management (ARMCO), the leading provider of enterprise financial risk mitigation software solutions, has announced several product enhancements that improve the mortgage quality control (QC) process for lenders and servicers using its auditing platform ACES Audit Technology, the company announced in a release.
The two principal enhancements of this upgrade include identification of exception root causes and expanded auto-response capabilities for ACES. These functions use automation to significantly reduce the number of skilled labor hours it takes to achieve quality goals and identify areas that would benefit from proactive corrective actions, the company said.
“Identifying root causes of defects are critical to an effective mortgage QC process because it enables lenders to move from reactive corrections to proactive policy creation,” ARMCO President Phil McCall said in the release. “By automatically identifying root causes, ACES saves lenders months of reactive risk management, as well as the hours and hours of manual analysis it would normally take to identify the root cause.”
ACES’s enhanced auto-response capabilities automatically generate answers to questions and scenarios that trigger loan defects, the company said. Utilizing the multitude of data points within the ACES platform, ACES automatically conducts field-to-field comparisons of relevant loan data and can perform complex math equations, as is needed in cases involving loan eligibility and regulatory compliance. The ACES technology systematically determines the proper answer to the scenarios in question. This is designed not only to save time, but also to increase accuracy and consistency in the loan review process. Among the numerous additional improvements are the expanded ability to change exceptions settings in bulk, automated loan selection for internal audits and expanded business day calculation features.
“Automation and analytics will play increasingly greater roles in the mortgage QC process, and as with this upgrade, ARMCO will be leading the way in bringing these advances to the mortgage industry,” McCall said. “Our clients rely on us to assure the highest quality through the greatest process efficiency. Our regular enhancements reinforce our dedication to reducing risk in the mortgage process by leveraging technology.”