Real-Time Compliance Management

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What Are C-Alerts?

MortgageDashboard’s unique C-Alerts, or real-time mortgage compliance alerts, manage compliance rules on behalf of the lender. While some mortgage companies might try to overload themselves with more training or staff, C-Alerts are an alternative to help leverage users with the ease of mortgage compliance automation built into the lending software. We’re always up-to-date on new compliance rules and we update your software automatically. 

Features:

Your Personal Compliance Expert

These integrated tools monitor your loans and notify you anytime a non-compliant action is requested.  More than notifications, however, MortgageDashboard will also offer a solution for you.  Since MortgageDashboard is a web-based lending software and updated continuously, you’ll never have to worry about your compliance software becoming outdated.

Real-Time Loan Monitoring

You don’t have to be an expert. From processing to the closing table, our integrated compliance tools monitor your loans in real-time and notify you anytime a non-compliant action is requested. But, not only does our lending software make you aware of the problem- it offers you a solution, helping you stay out of hot water. Lenders can set their own triggers, but our application comes pre-packaged with up-to-date compliance alerts. Some examples of triggers include checking the interview date for compliance with the three-day disclosure rule and making sure the interest rate doesn’t change by more than an eighth percent without re-disclosing

Auditing Tools

Whenever a non-compliant action takes place, a message flashes across the users proprietary “communication bar”.  When corrections are made, an audit trail automatically logs their action for management review. Mortgage companies can easily monitor when anyone inside their organization deviates from the requirements because we’ve combined the on-screen alerts with the audit trail. Banks can rest assured knowing that their loan officers are meeting all investor and regulatory requirements. Loan quality can be exactly where it needs to be with mortgage compliance tools from MortgageDashboard.

Regular Updates

The best part? The system is designed to grow and adapt right along with compliance changes. No longer wait for system upgrades or having to purchase new versions of your lending software. Mortgage compliance will never be an issue for you again because MortgageDashboad makes it hard for you to make a mistake. Rest more easy at night knowing that your software is looking out for your best interests. Effective automation prevents mortgage companies from the hassle of compliance rules. 


Real-Time Qualified Mortgage Checks

MortgageDashboard will determine if your file is a standard, temporary, or non-qualified mortgage loan. Performing real-time compliance tests, the Qualified Mortgage tab also performs an APOR Comparison Check to determine whether the loan is considered Safe Harbor or Rebuttable Presumption. Should your file ever become non-QM, a C-Alert notification will flash on the bottom of the screen.

Compliant Nationwide.

You don’t have to be an expert. MortgageDashboard’s unique C-Alerts, or real-time mortgage compliance alerts, manage compliance rules on behalf of the lender. From processing to the closing table, our integrated compliance tools monitor your loans in real-time and notify you anytime a non-compliant action is requested. But, not only does our software make you aware of the problem- it offers you a solution, helping you stay out of hot water. We know the rules change, too. That’s why we’ve designed a product that updates whenever compliance rules do.

Whenever a non-compliant action takes place, a message flashes across the users proprietary “communication bar”. Lenders can set their own triggers, but our application comes pre-packaged with up-to-date compliance alerts.

Some examples of triggers include checking the interview date for compliance with the three-day disclosure rule and making sure the interest rate doesn’t change by more than an eighth percent without re-disclosing. When corrections are made, an audit trail automatically logs their action for management review.

Mortgage companies can easily monitor when anyone inside their organization deviates from the requirements because we’ve combined the on-screen alerts with the audit trail. Banks can rest assured knowing that their loan officers are meeting all investor and regulatory requirements. Loan quality can be exactly where it needs to be with mortgage compliance tools from MortgageDashboard.

Compliant with Dodd Frank

The new Consumer Financial Protection Bureau rules are not just investor guidelines that changes whether or not you can sell a loan; this is government legislation. If you do not have the proper documentation in your file, it could not only lead to the repurchase of a loan but civil penalties to the borrower. Now, more than ever, it is necessary to prove to the CFPB through proper documentation, systems and monitoring that your borrowers have the ability to repay and you’re originating qualified mortgages. MortgageDashboard has stepped in and applied additional features to ensure you stay compliant into 2014.

Ability to Repay

Accessible from Page 2 of the 1003 in MortgageDashboard, the Debts, Income & Assets Worksheet complies with every aspect of the Ability to Repay rule. Showing the source documentation and calculation clearly, this worksheet creates the cliff notes version of a loan file. It tells the story of the loan in 3 pages so that, years later, you can clearly show how each decision is made. As all loan officers know, the average file may be up to 500 pages. the Debts, Income & Assets Worksheet keeps you in the clear, even under microscope.

MortgageDashboard provides the calculation and supporting documentation for every aspect of your loan. Most fields are even auto-populated by MortgageDashboard. In this blog article, we explained how MortgageDashboard responded to Ability to Repay more thoroughly.

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