As lenders adjust to recently released guidelines from the Consumer Financial Protection Bureau (CFPB) regarding qualified mortgage and ability-to-repay rules, technology companies are adapting to meet their new needs.
[IMAGE] [COLUMN_BREAK]San Diego-based ""DataQuick"":http://www.dataquick.com/, a technology provider for the lending industry, announced it has adapted its products to meet new industry standards.
""The challenge for lenders is to meet these new compliance requirements efficiently and in a timely fashion,"" said DataQuick's president, John Walsh.
The company's MindBox decisioning program has assisted lenders in obtaining qualification information for more than 20 years. With the release of the new industry standards from the CFPB, DataQuick is adjusting the product to ensure compliance.
MindBox ""ensures a comprehensive, consistent and accurate review, so our customers have the confidence that every loan is decisioned to meet regulatory compliance,"" Walsh said.
DataQuick also offers DataQuick Credit Solutions, which provides property information and income verification to help address ability-to-repay requirements and provide risk analysis.