Leading web-based financial services quality control (QC) software provider ACES Risk Management (ARMCO) announced the release of a major upgrade to its flagship QC software system ACES Web Audit Technology(TM) (ACES) to improve overall functionality, while supporting lenders and originators still struggling with TRID compliance.
The upgraded platform, referred to as ACES 5.0, includes the addition of the Federal Housing Administration (FHA) loan defect taxonomy, enhanced Optical Character Recognition (OCR), configurable missing document functionality, and enhancements to ARMCO’s breakthrough TRIDCompare(TM) tool. Also included in the release is Loan Snapshot, functionality that allows auditors to view loan data as it existed at the time the loan was selected for audit, even as the data for that loan changes over time.
“Because there are no hard-and-fast rules about how QC reviews should be conducted, flexibility in technology is crucial to ensure lenders can build a QC program that addresses their individual levels of risk,” said Phil McCall, COO for ARMCO. “With the addition of FHA’s defect taxonomy, Loan Snapshot and other ACES 5.0 enhancements, ARMCO continues to put the control back in the hands of QC staff, who can easily customize ACES to meet their unique organizational needs.”
“ARMCO engages continuous improvement protocols to keep ACES relevant and current for our clients. We foresaw that the TRID-related slowdown in loan production would make QC even harder for the industry,” said Avi Naider, CEO for ARMCO. “That is why we focused our ACES 5.0 release on areas where technology could combat the additional complexity created by TRID.”
“Deploying advanced technologies, TRIDCompare is enabling our clients to perform TRID reviews quickly and at a fraction of the cost of antiquated ‘stare and compare’ processes. These newest additions to our ACES platform will greatly improve performance and results for our customers and for the industry,” said Naider.
About ARMCO:
ARMCO – ACES Risk Management delivers web-based audit technology solutions, as well as powerful data and analytics, to the nation’s top mortgage lenders, servicers, investors and outsourcing professionals. A trusted partner devoted to client relationships, ARMCO offers best-in-class quality control and compliance software that provides U.S. banks, mortgage companies and service providers the technology and data needed to support loan integrity, meet regulatory requirements, reduce risk and drive positive business decisions.
ARMCO’s flagship product, ACES Web Audit Technology(TM), is available at any point in the mortgage loan lifecycle, to any size lender, and is user-definable. ACES Web standardizes audit requirements, ties pre-funding reviews to post-closing quality control audits, enables seamless trend analysis, identifies credit, compliance and process deficiencies and helps create manageable action plans.
For more information, visit http://www.armco.us or call 1-954-202-5606.
Twitter: @AcesWeb #mortgage #TRID
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