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Instilling the All-important Compliance Capability into the Business of Mortgage Loans

There is no conceivable end to what human beings can effectively achieve, but at the same time, there remains little that we do better than growing on a consistent basis. This progressive approach, on our part, has already got the world to hit upon some huge milestones, with technology appearing as a major member of the stated group. The reason why technology enjoys such an esteemed stature among people is, by and large, predicated upon its skill-set, which guided us towards a reality that nobody could have ever imagined otherwise. Nevertheless, if we look up close for a second, it will become clear how the whole runner was also very much inspired from the way we applied those skills across a real world environment. The latter component was, in fact, what gave the creation a spectrum-wide presence, and consequentially, kickstarted a tech revolution. Of course, this revolution then went on to scale up the human experience through some outright unique avenues, but even after achieving such a monumental feat, technology will somehow continue to produce the right goods. The same has grown increasingly evident over the recent past, and assuming one new GRC-themed development pans out just like we envision, it will only propel that trend towards greater heights over the near future and beyond.

Asurity Technologies, LLC, a leading provider of consumer lending compliance and risk management software, has officially announced an integration with MeridianLink for its best-in-class mortgage loan compliance solution called RegCheck. According to certain reports, the stated integration will focus on empowering MeridianLink LOS users to achieve an exceptional level of transaction-specific visibility of risk. Not just that, it will also help them big time when the agenda is to gain efficiency in managing compliance reporting, streamlining processes, and reducing documentation. Before we discuss the ripple effects of this integration, though, we must try and understand what makes RegCheck an ideal vehicle to pursue such an objective. You see, the solution comes decked up with an ability to ensure individual loan-level compliance against mortgage industry applicable laws and regulations. By doing so, it allows loan officers and compliance specialists to accelerate loan closings with far greater confidence and accuracy. Talk about how the whole thing works in practice, RegCheck leverages innovative technology and deep domain expertise to identify, without any delay whatsoever, root cause of compliance failures in loan applications. Furthermore, it pinpoints the specific data gaps that need to be addressed throughout the loan origination process so to accelerate the timeline processing, reduce errors, and make loans more serviceable and saleable. Having covered the product at the very heart of this collaboration, we must talk about the way it will help the given agenda. For starters, RegCheck will allow all MeridianLink users to review their test results in real-time. Here, the idea is to show these results right within the application and eliminate the need to generate and store PDF reports for initial analysis. Like you can guess, such a real-time element can really go the distance, as far as the concern is to help users rapidly identify any potential compliance issues and take immediate action. We referred to how the solution removes any need to generate extensive reports for initial analysis; RegCheck builds upon that by letting you save PDF reports only when you are ready to bring a copy of the results to your eDocs folder. This leeway takes up an enormous amount of value when an organization is trying to preserve digital resources and improve workflow efficiency by an important margin. Then, there is the prospect of customized reporting where users will be given the flexibility to choose the specific test suites they would like to include in their PDF report. With this configuration power firmly resting in their hands, users can manufacture reports that are more concise and positioned to service the unique needs of their organization.

“We are pleased to be partnering with MeridianLink. RegCheck’s integration with MeridianLink will foster significant advancement in mortgage loan compliance management. We are simplifying the process and empowering financial institutions to make informed decisions quickly and efficiently, said Julia Sweeney, Executive Vice President of Asurity Mortgage Group Software.

Founded in 2015, Asurity Technologies’ rise stems from its ability to provide built-in compliance testing and highly accurate methodologies for mortgage and consumer lending industries, methodologies that always stay informed on ever-changing regulations. This value proposition is largely helped by an interactive PDF compliance report and alert system, which automatically points out data elements in need of attention and correction, thus reducing the time it usually takes to identify any non-conforming aspects of a loan package.

As for MeridianLink, founded in 1998, it facilitates digital lending and account opening for financial institutions and provides data verification solutions to consumer reporting agencies. Leveraging data-driven and personalized experiences across the entire lending life cycle, the company empowers you to reduce risk, and at the same time, accelerate growth. MeridianLink’s excellence in what it does can also be understood once you consider that its partner marketplace currently holds well over hundreds of integrations for tailored innovation.

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