Lending Compliance
Software Compliance Peace of Mind with OpenClose

Ensure You Are Compliant at All Times

Mortgage compliance software has taken center stage. Mortgage regulatory issues in the industry is the most intense it has ever been, and it’s not easing up. Constantly changing federal and state-based rules and regulations coupled with the CFPB has compliance at the top of the list for lending entities of all types.

When selecting a mortgage technology vendor, you have to make sure they have the necessary compliance pieces in their software to ensure you are compliant at all times. And, the vendor needs to have a responsive team in place that swiftly makes changes to the software as compliance rules change or are added.

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QM/ATR Compliance

You’ll never need to worry about QM or ATR compliance with OpenClose’s LenderAssistâ„¢ LOS. With the click of a button, you’ll instantly know whether loans are QM or non-QM. If it meets QM guidelines, an evaluation report and ATR certification is provided for your records in the event of an audit.

QM compliance is continuously checked in the background on a screen-by-screen basis for any changes that affect QM requirements. If a change is detected, the user is immediately alerted and can proceed accordingly.

TRID Compliance

OpenClose’s LenderAssistâ„¢ LOS has been fully updated to meet the TILA-RESPA Integrated Disclosure (TRID) requirements. As the database of record, OpenClose works very closely with its trusted document preparation partners to ensure that you are in compliance with TRID throughout the closing process.

OpenClose uses and stores fees in MISMO version 3.3 to compliantly share data about the disclosures with relevant parties, giving you peace of mind that your vendors work well together and keep you TRID compliant.

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Seamless Compliance Workflow

One of the problems some LOS vendors have with compliance is due to attempts to tie multiple disparate applications together that have completely different software code, which is prone to break. This may be the result of acquiring other technologies or merely having to integrate with many vendors in order to create and end-to-end LOS.

In either case, working with too many disparate technologies opens up the potential for non-compliance. With OpenClose, however, our LOS was engineered with a single code base by the same vendor with a truly seamless workflow, eliminating these potential issues

Compliance Business Rules

Custom compliance-centric business rules can be configured within OpenClose’s LenderAssistâ„¢ LOS to accommodate your specific way of handling internal compliance policies, procedures, tasks and timelines.

Business rules ensure that that your compliance thresholds are not exceeded and nothing is missed. And, lenders are able to turn on a dime and implement new rules as needed.

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