Compliance Alerts

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MortgageDashboard™ Adds Compliance Alerts
Compliance triggers change workflow on the fly and create audit trail.

AUSTIN, Tex.—February 20, 2011—MortgageDashboard™, a leading on-demand loan origination system enabling straight-through, paperless mortgage processing for lenders, credit unions and banks, announced today the addition of Compliance Alerts or “C-Alerts” to its cloud-based loan origination system

“This new functionality makes it very easy for lenders to remain in full compliance and to know exactly when anyone inside their organization deviates from the requirements,” said Jorge Sauri, Chief Technology Officer of MortgageDashboard™. “By combining the on-screen alerts with the audit trail, banks can be assured that loan officers are meeting all investor and regulatory requirements and loan quality is exactly where they need it to be.”

C-alerts work by flashing a message across their proprietary “communication bar” within the LOS whenever any action relating to the loan takes the deal out of compliance. Lenders can set their own triggers, but most are already included in the software to catch statutory requirements. Examples of triggers include checking the interview date for compliance with the three-day disclosure rule and making sure the interest rates doesn’t change by more than an eighth of a percent without re-disclosing.

Once an alert is triggered, the software automatically takes the loan officer to a notification page where they can clear the alert and bring the deal back into compliance. An audit trail automatically logs their action for management review.

“The best part is that our system is designed to grow and adapt right along with compliance changes,” said Rene Rodriguez, CEO of MortgageDashboard. “When there is a change, our clients can set up their own compliance triggers to ensure they remain compliant. No more waiting for system upgrades or having to purchase new versions. Our clients love it!”

“Our software makes it very difficult for a loan officer to make costly mistakes,” Sauri said. “It ensures compliance. Managers in larger organizations need this level of support if they hope to control compliance in today’s environment. This new functionality will let them sleep at night.”

About MortgageDashboard
MortgageDashboard™ is a Software as a Service (SaaS) company founded in 2001 to provide industry-leading on-demand solutions for the mortgage industry. MortgageDashboard™ offers an end-to-end mortgage banker system that provides lenders with on-demand tools on a pay-per-loan basis. In addition to pay-per-close software for mortgage bankers, MortgageDashboard™ provides the nation’s leading on-demand loan origination system (LOS) for Web-based, paper-less origination and processing. For more information, please call 800-209-8812 or visit www.mortgagedashboard.com.

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About MortgageDashboard

Introduced in 2001 as the first product to market, MortgageDashboard was founded with the sole purpose of developing the very best-of-breed cloud-based mortgage loan origination software. Built on a Software as a Service (SaaS) platform, MortgageDashboard is an end-to-end application spanning loan origination and business processes to automated compliance alerts and point-of-sale loan applications.

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