New Platform Underpins the Digital Transformation Process Taking Hold With Mortgage Lenders

January 12, 2022 - Washington, DC - Asurity, the leader in mortgage compliance cloud software, today announces RegCheck®, the latest addition to its product suite, enabling loan officers and compliance specialists to accelerate loan closings with greater confidence and accuracy. By leveraging the advantages of innovative technology and deep domain expertise, RegCheck quickly identifies root cause compliance failures in loan applications and pinpoints the specific data gaps that need to be addressed throughout the loan origination process, accelerating processing timelines, reducing errors, as well as making loans more serviceable and sellable. This level of automated compliance assessment is critical for lenders contending with strong volumes and looking to capture cost efficiencies.

“Two converging trends are pushing digital transformation in the mortgage industry today - the need to lower costs and the need for greater speed and more customer-friendly loan processes,” said Luke Wimer, Chief Operating Officer of Asurity. “RegCheck helps on both fronts, by rapidly identifying any non-compliant elements of a loan and flagging them for attention and correction. The introduction to the market has been very well-received, underscoring market need and demand for an integrated software solution that is driven by compliance and technology experts.”

RegCheck was developed with input from Asurity’s internal compliance experts and Asurity’s legal partners to deliver complete compliance confidence. The system provides built-in compliance testing and highly accurate methodologies that take into account the ever-changing regulations. An interactive PDF compliance report and alert system point out data elements that require attention and correction, reducing the time it takes to identify any non-conforming aspects of a loan package. Built-in APIs provide seamless integration to Loan Origination Systems.

Since 2019, overall loan processing expenditures have increased significantly as a result of increased hiring to keep up with high demand caused by the low mortgage rate environment. At the same time, the millennial home buyer is coming to the forefront, demanding speed, convenience, seamlessness and transparency. Millennials make up 37% percent of the home buying market today, making them a demographic that is increasingly critical for lenders to service and support.