FundMore, an award-winning mortgage underwriting software, has partnered with Coforge Limited, a global digital services, solutions and business operations provider, to develop a state-of-the-art platform designed to automate QC, risk management and regulatory compliance in the mortgage industry, the company announced through an exchange filing.
The mortgage industry is subject to heightened regulatory scrutiny, requiring efficient and accurate loan production. As a result, quality control and compliance have emerged as top priorities for financial institutions. Compliance automation has emerged as a game-changing solution, offering transformative benefits that address the challenges faced by the industry, propelling it toward greater efficiency, accuracy, and transparency.
QC automation substantially reduces the time and effort needed for reviewing loan files using OCR technology, rules engines and automated workflows. This leads to more holistic, efficient, and accurate QC and compliance processes. It enables financial institutions to conduct comprehensive audits and implement quality control measures, ensuring every relevant data point is considered during quality reviews. By leveraging advanced technology, the partnership empowers financial institutions to enhance the overall efficiency of their quality control and compliance processes.
“We spoke with many lenders and identified a gap in the current process. Lenders and insurers are unable to perform QC at scale for the loans that they are producing or insuring. Working with Coforge, we have developed a way to automate these compliance tasks using their Copasys platform. We can now ensure that every loan is reviewed against lending guidelines to identify deficiencies upfront. Lenders can use this information to produce better quality loans and minimize downstream impacts” said Chris Grimes, CEO FundMore.
“Coforge is excited to partner with FundMore to deliver this game-changing solution to the market. Lenders and insurers will have greater transparency into risks at a loan level, empowering them to make more informed decisions going forward” said Maddee Hegde, EVP and Head – Coforge BPS.
(We are on WhatsApp. To get latest news updates, Join our Channel. Click here)