ACES Risk Management (ARMCO) announced that it has upgraded its ACES Audit Technology solution with more than 15 new enhancements. The major enhancements include support for the HMDA changes scheduled for 2018, at-a-glance dashboards, and heightened automation for the system’s ACES Intelligent Questionnaire (ACES IQ), which has been shown to reduce QC audit times by an average of 30 percent, the company announced in a release.
“Regulatory compliance has emerged as a No. 1 concern for most lenders, and many will see our enhancements to support the upcoming HMDA changes as a huge benefit of this release,” ARMCO Chief Operating Officer Phil McCall said in the release. “The HMDA updates don’t go into effect until 2018, but lenders that want to protect their profits and longevity won’t wait for the last minute to adapt. Our customers rely on ACES Audit Technology because we help them stay compliant, regardless of changing regulations, well before any deadlines.”
ACES Audit Technology also includes new dashboards that provide users with a high-level view of the loans and exceptions in their queue in an easy-to-read format. ACES Dashboards’ visual charts and graphs help users to quickly identify issues and determine pipeline status in real-time and its live audit-level filtering enables users to customize the experience according to their unique goals and demands.
“Industry requirements keep expanding, and the number of audit questions is increasing,” McCall said. “In response, we made considerable improvements to ACES IQ technology, which include pre-set and user-defined audit questions, to help lenders streamline efficiencies.”
ACES IQ has been enhanced to include multiple layers of automation, including audit, loan and borrower level dependencies, supported by data-driven triggers that will support an efficient and streamlined workflow. With this enhancement, ARMCO clients are reporting reductions in post-closing audit times of as much as 30 percent.
“When you combine a contracting market with a regulation-heavy environment — and that’s exactly what the mortgage industry is facing right now — lenders need operations that aren’t just powerful, but also lean,” ARMCO CEO Avi Naider said. “This update enhances quality and compliance, while also providing the efficiency and speed for a leaner, more economical process.”