MEQUON, Wis. (10/19/09)--Automation is the best way to ensure full regulatory compliance with the mortgage process, according to Mortgagebot, which provides mortgage solutions for financial institutions including credit unions. Mortgagebot announced it has enhanced its PowerSite point-of-sale automation platform to help financial institutions with compliance of different regulations. “The more time lenders are forced to spend analyzing legislation and developing compliance programs, the less productive and profitable they are,” said Scott Happ, Mortgagebot president/CEO. Mortgagebot also created a list of questions that lenders should ask when they respond to compliance issues. Many credit unions and banks aren’t fully aware of the impact the current wave of mortgage regulation is having on their business practices, Mortgagebot said. The questions include:
* Can we accurately price and approve loans at the point of sale? * Are all of our disclosures fully correct and compliant? * Can we properly disclose payment information? and * How will we handle the year-end Real Estate Settlement Procedures Act changes?
Mortgagebot, based in Mequon, Wis., provides a point-of-sale automation solution set, including PowerSite Consumer, PowerSite Advisory and PowerSite Pro.