The California-based First American Mortgage Solutions, LLC [1], part of the First American family of companies, announced the launch of its RegsData Compliance Suite, a comprehensive and flexible loan-level solution for managing compliance risk earlier in the mortgage application, increasing efficiency, while reducing risk and costs.
Built for mortgage lenders and servicers, investors, auditors, due diligence and quality control providers, RegsData Compliance Suite delivers bundled compliance reports or individual tests as application program interfaces (APIs) for easy integration at any point along the loan lifecycle. It incorporates First American Mortgage Solutions’ automated regulatory compliance product, formerly known as PredProtect, and features:
- RegsData Report – Runs numerous federal, state and local jurisdictional compliance checks for QM, TRID, HOEPA and other compliance tests on loans in real-time and alerts users to any potential violations so corrections can be made promptly.
- RegsData APIs – All component parts of the RegsData Report can be pulled using APIs through the First American Mortgage Solutions’ Digital Gateway to meet custom integration needs.
- Third Party Review and Monitoring – Comprehensive counterparty oversight and management with 24/7 monitoring of watchlists and licenses.
“RegsData Suite is flexible and can be customized to fit the varied needs of our customers, including how it is consumed, the features it offers and its ability to manage workflow. Our extensive critical regulatory tests, which are independently certified by outside legal counsel at state and local levels, empower our customers to manage compliance risk with confidence,” said Kevin Wall, President of First American Mortgage Solutions.
First American Mortgage Solutions, a part of the First American family of companies, provides solutions for residential lenders and servicers covering the entire loan spectrum, including complete products, microservices and API.
First American Mortgage Solutions, together with First American’s broader capabilities, serves as a single source for title and settlement, home equity, data and analytics, fraud and verification, regulatory compliance, valuation and collateral risk, post-closing and default services. More