Business, Product Launches

ACES Quality Management Releases Call Monitoring Audit Pack to Enhance Mortgage Quality Control and Compliance Programs

DENVER, Colo. -- ACES Quality Management® (ACES), the leading provider of enterprise quality management and control software for the financial services industry, has announced its newest product offering, ACES Call Monitoring Audit Pack. The pre-built, configurable Call Monitoring Audit Pack enables lenders and servicers to establish an additional layer of protection quickly and seamlessly within their QC program. ACES Call Monitoring Audit Pack includes custom data fields, ACES managed questionnaires and custom reports configurable to the individual organizations' business needs.

"With the rise in higher escrow charges from insurance and property taxes, we expect banks and mortgage servicers will see an uptick in consumer calls, thus creating a clear need for a call monitoring tool as part of their overall quality control program," said ACES CEO Trevor Gauthier. "With so many guidelines to adhere to, a robust Call Monitoring program is critical to identifying where improvements are needed to protect your organization from regulatory and reputational risk."

Call Monitoring is essential to any substantial risk management program as required by the Consumer Financial Protection Bureau (CFPB) and under the Telephone Consumer Protection Act (TCPA), the Fair Debt Collection Practices Act (FDCPFA) and the Coronavirus Aid, Relief, and Economic Security (CARES) Act, as well as state-specific laws. While ACES users have always been able to perform call monitoring audits by leveraging ACES' robust customization capabilities, the new ACES Call Monitoring Audit Pack gives our customers a starting point to quickly and easily leverage the pre-built features. As part of the ACES technology ecosystem, ACES Call Monitoring Audit Pack comes pre-built with the necessary data fields, requirements, and reporting functions to make auditing seamless and will allow servicers to:

* Improve service quality and enhance the customer experience;

* Identify agent skill gaps as input for coaching and training needs;

* Increase productivity; and

* Ensure regulatory compliance to avoid high penalty fines.

"Given all the economic and environmental change in recent years, servicers have felt the brunt of it all. From COVID-19 to natural disasters, they have been on the frontlines of borrower communications. As regulators turn their attention to call monitoring to ensure consumer protection, at a minimum, servicers need to take action through QC tech to show regulators they are utilizing their resources effectively," added Gauthier.

To learn more about ACES Call Monitoring Audit Packs or schedule a demo, visit: https://www.acesquality.com/demo.

About ACES Quality Management:

ACES Quality Management is the leading provider of enterprise quality management and control software for the financial services industry. The nation's most prominent lenders, servicers and financial institutions rely on ACES Quality Management & Control Software® to improve audit throughput and quality while controlling costs, including:

* 60% of the top 50 independent mortgage lenders;

* 8 of the top 10 loan servicers;

* 11 of the top 30 retail banks; and

* 3 of the top 5 credit unions in the United States.

Unlike other quality control platforms, only ACES delivers Flexible Audit Technology, which gives independent mortgage lenders and financial institutions the ability to easily manage and customize ACES to meet their business needs without having to rely on IT or other outside resources. Using a customer-centric approach, ACES clients get responsive support and access to our experts to maximize their investment. For more information, visit https://www.acesquality.com/ or call 1-800-858-1598.

Related link: https://www.acesquality.com/

This news story was published by the Neotrope® News Network - all rights reserved. ID:NEO2022

Awards and Honors, Business

ACES Quality Management Achieves a Decade of Distinction on HousingWire TECH100

DENVER, Colo. -- ACES Quality Management® (ACES), the leading provider of enterprise quality management and control software for the financial services industry, has been selected for the tenth consecutive year by HousingWire magazine for its annual TECH100 awards program. The magazine chose ACES for the continual innovation of its flagship quality control (QC) auditing platform, ACES Quality Management & Control® software.

"Loan quality is an ever-shifting goal. The challenges of the past year emphasized the critical importance of upholding quality and managing risk, prompting many lenders to seek refuge in mortgage servicing amidst the decline in origination volume," stated Trevor Gauthier. "ACES remains steadfast in its commitment to render this target achievable and seamless, providing cutting-edge QC tools to empower lenders in safeguarding the integrity of their origination and servicing portfolios and other integral parts of their business. The enduring recognition of ACES in HousingWire's Tech100 list affirms our dedication to driving innovation in quality control."

In the past year, ACES introduced ACES PROTECT, a suite of automated regulatory compliance tests aimed at simplifying the auditing procedures for lenders. The company further expanded its commitment to industry knowledge communication by publishing over 450 articles and 160 calendar items on its complimentary Compliance NewsHub. Additionally, ACES continued to provide valuable insights through its quarterly Mortgage QC Industry Trends report. Recognizing the diverse requirements of businesses in consumer lending, servicing, specialty, and mortgage origination, ACES offers an enterprise-wide solution with customizable audit packs tailored to meet specific needs.

"The technology capabilities and solutions that this year's Tech100 winning organizations have developed are an absolute testament to the relentless innovation within the real estate and mortgage technology landscape," HW Media Editor in Chief Sarah Wheeler said. "These past few years have been transformative for the industry and these honorees are continuing to bring long-awaited solutions to the challenges that mortgage and real estate professionals have struggled with for decades. Congratulations to all the deserving winners for their outstanding contributions to our ever-evolving industry."

HousingWire's TECH100 award seeks to highlight the most innovative technology companies across the housing sector. To view the complete list of winners, visit https://www.housingwire.com/articles/announcing-the-2024-tech100-mortgage-winners/

About ACES Quality Management

ACES Quality Management is the leading provider of enterprise quality management and control software for the financial services industry. The nation's most prominent lenders, servicers and financial institutions rely on ACES Quality Management & Control® software to improve audit throughput and quality while controlling costs, including:

* 60% of the top 50 independent mortgage lenders;

* 8 of the top 10 loan servicers;

* 11 of the top 30 retail banks; and

* 3 of the top 5 credit unions in the United States.

Unlike other quality control platforms, only ACES delivers Flexible Audit Technology, which gives independent mortgage lenders and financial institutions the ability to easily manage and customize ACES to meet their business needs without having to rely on IT or other outside resources. Using a customer-centric approach, ACES clients get responsive support and access to our experts to maximize their investment. For more information, visit www.acesquality.com or call 1-800-858-1598.

About HousingWire

HousingWire is an information services company that provides unique data and research, respected business journalism and must-attend events for housing leaders to use to advance their understanding and business outcomes. Our vision is a world in which housing leaders have a complete view of the housing market, and a broad community of peers with whom they can connect. We are committed to delivering the data, analytics, media, and events that advance this vision.

Because housing is too important for narrow perspectives and missed connections. Informed housing leaders are better housing leaders. A connected housing industry is a better housing industry. And the full picture always reveals new opportunities.

Explore more at www.housingwire.com.

Related link: https://www.acesquality.com/

This news story was published by the Neotrope® News Network - all rights reserved. ID:NEO2022

Business, MBA Servicing Solutions Conference, Regional Events

ACES Quality Management Executive Vice President of Compliance, Amanda Phillips, to Speak at 2024 MBA Servicing Solutions Conference and Expo

DENVER, Colo. -- ACES Quality Management® (ACES), the leading provider of enterprise quality management and control software for the financial services industry, announced the Executive Vice President of Compliance Amanda Phillips will be speaking at the 2024 Mortgage Bankers Association (MBA) Servicing Solutions Conference taking place February 20-23, 2024, at the Hyatt Regency in Orlando, Fla.

Phillips will moderate the session, "Policy & Compliance Track: Top Servicing Compliance and Fair Servicing Concerns," on Wednesday, Feb. 21, at 1:30 pm. This session will "explore the top compliance and policy trends in mortgage servicing today. Topics explored include a continued regulatory focus on fair servicing, loss mitigation developments, and market challenges." Representatives from Servbank, Alston & Bird, LLP, and Padgett Law Group will join Phillips on the panel.

"Improving compliance and fair servicing should be an initiative for every lender. We're pleased to be the industry's resource for staying up to date on best practices and changes in compliance requirements," said ACES CEO Trevor Gauthier. "Mandy is a wealth of knowledge. She will undoubtedly provide this year's attendees with food for thought as to how they can safeguard the integrity of their originations through robust quality control practices."

Phillips has two decades of experience in the financial services industry, including holding executive roles in legal and regulatory compliance. Prior to joining ACES Quality Management, Phillips was with the law firm Ballard Spahr, LLP, where she advised clients on federal and state regulatory requirements governing mortgage lending, including business processes and practices, software, and mortgage documents.

To learn more, visit the ACES team at booth number 410 or set up a meeting in advance by emailing sales@acesquality.com.

Phillips will also be presenting the latest mortgage servicing news, including the Consumer Financial Protection Bureau (CFPB) supervisory highlights and specific 2024 compliance expectations and predictions, on February 14, 2024, as part of the ACES QC Now webinar series. Register here.

About ACES Quality Management:

ACES Quality Management is the leading provider of enterprise quality management and control software for the financial services industry. The nation's most prominent lenders, servicers and financial institutions rely on ACES Quality Management & Control® Software to improve audit throughput and quality while controlling costs, including:

* 60% of the top 50 independent mortgage lenders;

* 8 of the top 10 loan servicers;

* 11 of the top 30 banks; and

* 3 of the top 5 credit unions in the United States.

Unlike other quality control platforms, ACES Flexible Audit Technology gives independent mortgage lenders and financial institutions the ability to easily manage and customize ACES to meet their business needs without having to rely on I.T. or other outside resources. Using a customer-centric approach, ACES clients get responsive support and access to our experts to maximize their investment. For more information, visit www.acesquality.com or call 1-800-858-1598.

Related link: https://www.acesquality.com/

This news story was published by the Neotrope® News Network - all rights reserved. ID:NEO2022

Business, Regional Events

ACES Quality Management Announces Addition of Fannie Mae Executive Bill Cleary to ACES ENGAGE 2024 Agenda

DENVER, Colo. -- ACES Quality Management® (ACES), the leading provider of enterprise quality management and control software for the financial services industry, has announced Fannie Mae Vice President Bill Cleary will speak at its annual ACES ENGAGE conference, taking place at the Ritz Carlton Dove Mountain hotel in Tucson, Ariz., May 19 - 21, 2024.

"We're pleased to welcome Bill to our ACES ENGAGE speaker lineup. It's our mission to provide ACES users and ACES ENGAGE attendees with the knowledge necessary to increase and improve QC within their organizations, and what better way to do that than speak directly with a GSE source," said ACES CEO Trevor Gauthier. "Bill is the perfect addition to our speaker lineup. We feel confident attendees will leave well-equipped with the QC knowledge needed for the year ahead."

ACES ENGAGE speaker lineup also includes keynote speaker Robyn Benincasa, a two-time world champion adventure racer, 20+ year veteran San Diego firefighter, 2014 CNN Hero, Guinness World Record Endurance Kayaker, best-selling author, and founder of The Project Athena Foundation. In addition, ACES has gathered thought leaders and industry experts, such as Joel Kan, vice president and chief economist at the Mortgage Bankers Association and Richard J. Andreano, Jr., partner and practice leader of Ballard Spahr's Mortgage Banking Group.

ACES ENGAGE provides a mix of general session presentations, panel discussions and social activities. Attendees will have numerous opportunities to learn from industry experts and thought leaders, network, and leave with the knowledge necessary to increase efficiencies, improve productivity and further quality at their organizations. Register to attend ACES ENGAGE and learn more at https://www.acesquality.com/aces-engage-2024.

About ACES Quality Management:

ACES Quality Management is the leading provider of enterprise quality management and control software for the financial services industry. The nation's most prominent lenders, servicers and financial institutions rely on ACES Quality Management & Control Software® to improve audit throughput and quality while controlling costs, including:

* 60% of the top 50 independent mortgage lenders;

* 8 of the top 10 loan servicers;

* 11 of the top 30 retail banks; and

* 3 of the top 5 credit unions in the United States.

Unlike other quality control platforms, only ACES delivers Flexible Audit Technology, which gives independent mortgage lenders and financial institutions the ability to easily manage and customize ACES to meet their business needs without having to rely on IT or other outside resources. Using a customer-centric approach, ACES clients get responsive support and access to our experts to maximize their investment.

For more information, visit https://www.acesquality.com/ or call 1-800-858-1598.

Related link: https://www.acesquality.com/

This news story was published by the Neotrope® News Network - all rights reserved. ID:NEO2022

ACES PROTECT Suite, Business, Software

ACES Audit Volume Increases 24%, Hits Record High in 2023

DENVER, Colo. -- ACES Quality Management® (ACES), the leading provider of enterprise quality management and control software for the financial services industry, announced that, despite challenging mortgage market conditions, the company maintained a record growth path achieved over the last few years by adding more than a dozen of the leading lenders in the U.S. to its client roster in 2023. Combined with many longtime, quality-conscious customers, this growth resulted in a 24% increase in audit volume totaling more than 7.7 million audits across hundreds of millions of dollars of real estate transactions. New logos added to the ACES portfolio include a top-five credit union, one of the largest homebuilders in the country, a large national outsourcer, the largest bank in Pennsylvania and a state housing finance authority.

From a technology perspective, one of the company's most significant accomplishments in 2023 was the official launch of ACES PROTECT, a suite of automated regulatory compliance tests designed to reduce audit time and enhance oversight by incorporating automatic compliance testing into the overall quality control (QC) auditing environment. ACES also introduced several enhancements to its free Compliance NewsHub weekly newsletter and website, enabling users to filter the events calendar and recent news for easier navigation. The company also published nearly 460 articles and over 160 calendar items to the Compliance NewsHub, thus helping financial services QC, compliance and risk professionals stay current on the latest regulatory and investor requirements.

"2023 continued to be a challenging year for mortgage and financial services professionals; however, the downward trend in critical defect rates over the last few quarters of the year, as shown in our quarterly Mortgage QC Industry Trends Report, indicates that lenders and financial institutions are taking QC seriously," ACES CEO Trevor Gauthier said. "While the outlook for 2024 is more favorable, lenders and financial institutions must continue to prioritize loan quality and risk mitigation to ensure they can enjoy the spoils of a more fruitful lending environment. As always, ACES remains a steadfast partner in helping lending organizations maintain compliance and preserve the integrity of their originations and operations."

ACES initiatives contribute to keeping tens of thousands of financial professionals informed about the latest defect trends in the industry. Additional 2023 achievements for ACES include:

* President and Chief Operating Officer Phillip McCall's selection as a HW Vanguard award winner by HousingWire magazine;

* An expanded partnership program with ActiveComply;

* Inclusion in HousingWire's annual TECH100 awards program for the ninth consecutive year;

* CEO Trevor Gauthier's selection as an "Industry Titan" by National Mortgage Professional (NMP) magazine;

* Recognition by The Denver Post in its "Top Workplaces 2023" list and

* Being named one of the 2023 Best Places to Work in Financial Technology by Arizent and Best Companies Group.

About ACES Quality Management

ACES Quality Management is the leading provider of enterprise quality management and control software for the financial services industry. The nation's most prominent lenders, servicers and financial institutions rely on ACES Quality Management & Control® Software to improve audit throughput and quality while controlling costs, including:

* 60% of the top 50 independent mortgage lenders;

* 8 of the top 10 loan servicers;

* 11 of the top 30 banks; and

* 3 of the top 5 credit unions in the United States.

Unlike other quality control platforms, only ACES delivers Flexible Audit Technology®, which gives independent mortgage lenders and financial institutions the ability to easily manage and customize ACES to meet their business needs without having to rely on IT or other outside resources. Using a customer-centric approach, ACES clients get responsive support and access to our experts to maximize their investment. For more information, visit https://www.acesquality.com/ or call 1-800-858-1598.

Related link: https://www.acesquality.com/

This news story was published by the Neotrope® News Network - all rights reserved. ID:NEO2022

Business, Reports and Studies

ACES Q2 2023 Mortgage QC Trends Report Finds Critical Defect Rate Declines for Third Consecutive Quarter

DENVER, Colo. -- ACES Quality Management® (ACES), the leading provider of enterprise quality management and control software for the financial services industry, announced the release of its quarterly ACES Mortgage QC Industry Trends Report covering the second quarter (Q2) of 2023. The latest report analyzes post-closing quality control data derived from ACES Quality Management & Control® software.

Notable findings from the Q2 2023 report include the following:

* The overall critical defect rate decreased by 3.37% to 1.72%, marking the third consecutive quarter of decline.

* Defects in the Credit and Liabilities categories increased for the second straight quarter.

* While Income/Employment and Assets continued to improve, these remain the top two defect categories for Q2 2023, followed by Loan Documentation at No. 3.

* Analysis of the core underwriting sub-categories showed dramatic improvement in Asset Eligibility from Q1, whereas Credit Documentation and Income/Employment quality deteriorated significantly.

* After increasing slightly in Q1, Appraisal defects declined in Q2.

* Q2 marked the third consecutive quarter where purchase and refinance transactions achieved relative defect parity.

* Last quarter's improvement in FHA defects proved momentary, as defects rose this quarter, outstripping review share. Defects decreased across USDA, VA and conventional loans, with VA loans experiencing the most improvement.

"The downward trend in critical defect rates over the last few quarters speaks to the care lenders are putting into each loan. At a time when every loan originated matters, lenders are taking quality control seriously and doing all they can to prevent buyback requests from the GSEs," said ACES Executive Vice President Nick Volpe. "Critical defect rates continue to trend in the right direction, and now, with interest rates trending down at the time of this report, we're looking forward to seeing lenders maintain high loan quality as the market once again changes."

Findings for the Q2 2023 ACES Mortgage QC Industry Trends Report are based on post-closing quality control data derived from the ACES Quality Management and Control® benchmarking system and incorporate data from prior quarters and/or calendar years, where applicable. All reviews and defect data evaluated for the report were based on loan audits selected by lenders for full file reviews.

"Our findings for Q2 have been a welcoming of positive news, and with continued predictions for a more robust origination environment in 2024, the future looks bright for lenders that have survived the drop in volume and increased QC scrutiny," said ACES CEO Trevor Gauthier. "The lenders that have been successful in 2023 are those that have embraced QC and prepared for the next market shift. We're looking forward to watching lenders continue to keep quality at the forefront of their operations."

The Mortgage QC Industry Trends Reports are available for download, free of charge, at https://www.acesquality.com/resources/reports.

About ACES Quality Management

ACES Quality Management is the leading provider of enterprise quality management and control software for the financial services industry. The nation's most prominent lenders, servicers and financial institutions rely on ACES Quality Management & Control® Software to improve audit throughput and quality while controlling costs, including:

* 60% of the top 50 independent mortgage lenders;

* 8 of the top 10 loan servicers;

* 11 of the top 30 banks; and

* 3 of the top 5 credit unions in the United States.

Unlike other quality control platforms, only ACES delivers Flexible Audit Technology®, which gives independent mortgage lenders and financial institutions the ability to easily manage and customize ACES to meet their business needs without having to rely on IT or other outside resources. Using a customer-centric approach, ACES clients get responsive support and access to our experts to maximize their investment. For more information, visit www.acesquality.com or call 1-800-858-1598.

Related link: https://www.acesquality.com/

This news story was published by the Neotrope® News Network - all rights reserved. ID:NEO2022

Awards and Honors, Business, Free News Articles

ACES Quality Management President Phillip McCall named a HW Vanguard

DENVER, Colo. -- ACES Quality Management® (ACES), the leading provider of enterprise quality management and control software for the financial services industry, announced that HousingWire magazine has selected Phillip McCall in its annual Vanguard award program.

HousingWire's Vanguard award program recognizes leaders of businesses contributing to the growth of the housing economy and its various sectors, including lending, servicing, investments, and real estate. HousingWire selects 100 leaders from diverse backgrounds who may run established companies or start-ups but share one common trait: an unmistakable impact on the industry at large.

"Behind every great company lies a visionary leader, and ours is no exception. Phil embodies the essence of excellence in every aspect of his leadership. From spearheading operations and product management to driving cutting-edge technology and client-facing initiatives, he has redefined what it means to be a true Vanguard in the industry," said ACES CEO Trevor Gauthier. "His unwavering commitment to fostering a dynamic internal culture has transformed our organization into a tight-knit community of passionate individuals working collaboratively towards a common goal."

McCall's most recent achievement is ACES PROTECT, a suite of automated regulatory compliance tests added to its flagship ACES Quality Management & Control ® quality control (QC) auditing platform. Through ACES PROTECT, users can easily access a suite of compliance checks within the ACES platform, including certification of loan estimate/closing disclosure calculations, high-cost mortgage and high-price mortgage loan testing, Qualified Mortgage (QM) tests and other critical compliance tests.

"The 2023 Vanguards are made up of the industry's most impressive and powerful leaders who are fueling the growth of their organizations and leaving an indelible mark on the industry," said HW Media Editor-in-Chief Sarah Wheeler. "These remarkable individuals underscore the pivotal role that visionary leadership plays in our ever-evolving housing ecosystem. These winners' achievements stand as a testament to the enduring significance of the Vanguards award, which has become a career-changing accolade reserved only for the industry's top leaders."

About ACES Quality Management:

ACES Quality Management is the leading provider of enterprise quality management and control software for the financial services industry. The nation's most prominent lenders, servicers and financial institutions rely on ACES Quality Management & Control® software to improve audit throughput and quality while controlling costs, including:

* 60% of the top 50 independent mortgage lenders;

* 8 of the top 10 loan servicers;

* 11 of the top 30 retail banks; and

* 3 of the top 5 credit unions in the United States.

Unlike other quality control platforms, only ACES delivers Flexible Audit Technology, which gives independent mortgage lenders and financial institutions the ability to easily manage and customize ACES to meet their business needs without having to rely on IT or other outside resources. Using a customer-centric approach, ACES clients get responsive support and access to our experts to maximize their investment. For more information, visit www.acesquality.com or call 1-800-858-1598.

About HousingWire:

HousingWire is the most influential source of news and information for the U.S. mortgage and housing markets. Built on a foundation of independent and original journalism, HousingWire reaches over 60,000 newsletter subscribers daily and over 1.0 million unique visitors each month. Our audience of mortgage, real estate and fintech professionals rely on us to Move Markets Forward. Visit www.housingwire.com or www.solutions.housingwire.com to learn more.

Related link: https://www.acesquality.com/

This news story was published by the Neotrope® News Network - all rights reserved. ID:NEO2022

Business, Free News Articles, Software

ACES Quality Management Announces Preliminary Speaker Lineup for ACES ENGAGE 2024

DENVER, Colo. -- ACES Quality Management® (ACES), the leading provider of enterprise quality management and control software for the financial services industry, has announced its speaker lineup for the upcoming ACES ENGAGE conference, taking place at the Ritz Carlton Dove Mountain hotel in Tucson, Ariz., May 19 - 21, 2024.

This year's keynote speaker is Robyn Benincasa, a two-time world champion adventure racer, 20+ year veteran San Diego firefighter, 2014 CNN Hero, Guinness World Record Endurance Kayaker, best-selling author, and founder of The Project Athena Foundation.

In addition, ACES has gathered thought leaders and industry experts for this year's speaker lineup, including:

* Joel Kan, vice president and chief economist at the Mortgage Bankers Association;

* Richard J. Andreano, Jr., partner and practice leader of Ballard Spahr's Mortgage Banking Group; and

* A Fannie Mae representative to be announced.

"With the increased regulatory scrutiny of loan quality and repurchase requests on the rise, lenders must ensure their quality control and risk management processes are up to the challenge," ACES CEO Trevor Gauthier said. "Watching quality control professionals from across the financial services industry gather and share strategies, collaborate with industry leaders and drive the future of quality management and control is the best and highest outcome we could hope for from this event. We're so pleased to share our speaker lineup for next year and look forward to the fruitful discussions that have become a hallmark of this event."

ACES ENGAGE provides a mix of general session presentations, panel discussions and social activities. Attendees will have numerous opportunities to learn from industry experts and thought leaders, network, and leave with the knowledge necessary to increase efficiencies, improve productivity and further quality at their organizations.

Register to attend ACES ENGAGE and learn more at https://www.acesquality.com/aces-engage-2024.

About ACES Quality Management:

ACES Quality Management is the leading provider of enterprise quality management and control software for the financial services industry. The nation's most prominent lenders, servicers and financial institutions rely on ACES Quality Management & Control Software® to improve audit throughput and quality while controlling costs, including:

* 60% of the top 50 independent mortgage lenders;

* 8 of the top 10 loan servicers;

* 11 of the top 30 retail banks; and

* 3 of the top 5 credit unions in the United States.

Unlike other quality control platforms, only ACES delivers Flexible Audit Technology, which gives independent mortgage lenders and financial institutions the ability to easily manage and customize ACES to meet their business needs without having to rely on IT or other outside resources. Using a customer-centric approach, ACES clients get responsive support and access to our experts to maximize their investment. For more information, visit https://www.acesquality.com/ or call 1-800-858-1598.

Related link: https://www.acesquality.com/

This news story was published by the Neotrope® News Network - all rights reserved. ID:NEO2022

Business, Free News Articles, Reports and Studies

ACES Q1 2023 Mortgage QC Trends Report Finds Critical Defect Rate Declines for Second Consecutive Quarter

DENVER, Colo. -- ACES Quality Management® (ACES), the leading provider of enterprise quality management and control software for the financial services industry, announced the release of its quarterly ACES Mortgage QC Industry Trends Report covering the first quarter (Q1) of 2023. The latest report analyzes post-closing quality control data derived from ACES Quality Management & Control® software.

Notable findings from the Q1 2023 report include the following:

* The overall critical defect rate declined by 3.26%, ending at 1.78% and marking the second straight quarter of decline.

* In the major underwriting categories, Assets and Income/Employment improved, while Credit and Liabilities deteriorated.

* Despite its improvement this quarter, Income/Employment remained the leading defect category, followed by Assets and Legal/Regulatory/Compliance.

* The sub-category analysis showed increases in eligibility-related defects for both the Assets and Credit categories, whereas this seems to have been the primary driver of improvements in the Income/Employment category. However, analysis- and documentation-related errors both increased this quarter, with documentation remaining the largest sub-category of defects for both the Income/Employment and Asset categories.

* Appraisal defects increased, albeit nominally, for the second straight quarter.

* Purchase and refinance shares held steady in Q1, achieving defect parity for the second consecutive quarter.

* FHA defect share declined after two consecutive quarters of increase. While USDA defects continued to improve, VA defects increased significantly in Q1, and conventional defects also grew slightly.

"While the drop in origination volume has challenged the industry, it has also enabled underwriting and QC teams to be more diligent with each loan file, resulting in higher loan quality. The continued decline in the overall critical defect rate on the heels of last year's historic high indicates lenders have not let the desire for volume override the need to reduce errors and mitigate risk," said ACES Executive Vice President Nick Volpe. "With the recent changes to Fannie Mae's pre-funding QC reviews and post-closing QC cycle times, time will tell in the following quarters how diligent lenders have been in maintaining loan quality and investor requirements."

Findings for the Q1 2023 ACES Mortgage QC Industry Trends Report are based on post-closing quality control data derived from the ACES Quality Management and Control® benchmarking system and incorporate data from prior quarters and/or calendar years, where applicable. All reviews and defect data evaluated for the report were based on loan audits selected by lenders for full file reviews.

"The tough decision lenders were faced with at the beginning of the year appear to be paying off. Lenders reported a pre-tax, per-loan net loss of $1,972 in Q1. This result is an improvement over Q4 2022's record $2,812 per-loan loss and reverses the trend of production losses that began in Q4 2020," said ACES CEO Trevor Gauthier. "We expect this data to continue to improve in the coming quarters. Making strategic investments in tech and optimizing operations - especially in QC - can have a significant impact on protecting existing revenue amidst challenging market conditions."

The Mortgage QC Industry Trends Reports are available for download, free of charge, at https://www.acesquality.com/resources/reports.

About ACES Quality Management:

ACES Quality Management is the leading provider of enterprise quality management and control software for the financial services industry. The nation's most prominent lenders, servicers and financial institutions rely on ACES Quality Management & Control® Software to improve audit throughput and quality while controlling costs, including:

* 60% of the top 50 independent mortgage lenders;

* 8 of the top 10 loan servicers;

* 11 of the top 30 banks; and

* 3 of the top 5 credit unions in the United States.

Unlike other quality control platforms, only ACES delivers Flexible Audit Technology®, which gives independent mortgage lenders and financial institutions the ability to easily manage and customize ACES to meet their business needs without having to rely on IT or other outside resources. Using a customer-centric approach, ACES clients get responsive support and access to our experts to maximize their investment. For more information, visit www.acesquality.com or call 1-800-858-1598.

Related link: https://www.acesquality.com/

This news story was published by the Neotrope® News Network - all rights reserved. ID:NEO2022

Alliances and Partnerships, Business, Free News Articles, Software

ACES Quality Management and ActiveComply Partner to Help Financial Services Firms Address Social Media Compliance and Quality Control Needs

DENVER, Colo. -- ACES Quality Management® (ACES), the leading provider of enterprise quality management and control software for the financial services industry, announced it has expanded its partnership program with ActiveComply, a leader in social media monitoring and website archival for the financial industry. The combined partnership will leverage ActiveComply's SocialShield® tool with the ACES Quality Management & Control® Software platform to improve regulatory reporting and streamline audit workflow for mortgage lending.

"Social media is constantly evolving, and lenders often struggle to effectively monitor and audit loan officer activity, which is why we are thrilled to announce our partnership with ActiveComply," said ACES CEO Trevor Gauthier. "Our technologies combined will empower our clients to more efficiently monitor social media activity as part of their overall compliance monitoring system in accordance with regulatory expectations and requirements."

ActiveComply's SocialShield® platform assists financial institutions in tracking company-affiliated social media profiles, monitoring those profiles for compliance and meeting regulatory archival requirements.

Key features include:

* Automated account discovery;

* Content alerts;

* Image scanning;

* Equal Housing logo detection;

* Missing Nationwide Mortgage Licensing System (NMLS) ID detection;

* Inappropriate language alerts;

* Executive reporting;

* Archiving; and

* On-going support for new hires and trigger terms.

"We have long admired ACES as the industry leader in quality control technology and are eager to partner with them," said Colby Berger, Chief Operating Officer at ActiveComply. "ActiveComply is leading the effort to keep financial institutions in compliance with the rapidly changing landscape of social media. Together, our companies' combined strengths help our clients improve compliance, create efficiency and ultimately increase revenue opportunities."

About ActiveComply:

ActiveComply was founded to help regulated institutions tackle the tremendous task of ever-growing compliance responsibilities. Working collaboratively with experts in the field - including compliance personnel, regulators, attorneys and other industry stakeholders - the company has developed a suite of solutions to help its clients confidently manage their social media, websites and remote work compliance. The company's software is built on more than 10 years of constantly evolving technology that has been used by more than 60 million professionals to date. This background, combined with experts in the compliance field, has resulted in powerful, easy-to-use and scalable tools that can save regulated institutions time, money and their reputations. To learn more, visit https://www.activecomply.com/.

About ACES Quality Management:

ACES Quality Management is the leading provider of enterprise quality management and control software for the financial services industry. The nation's most prominent lenders, servicers and financial institutions rely on ACES Quality Management & Control® Software to improve audit throughput and quality while controlling costs, including:

* 60% of the top 50 independent mortgage lenders;

* 8 of the top 10 loan servicers;

* 11 of the top 30 banks; and

* 3 of the top 5 credit unions in the United States.

Unlike other quality control platforms, only ACES delivers Flexible Audit Technology®, which gives independent mortgage lenders and financial institutions the ability to easily manage and customize ACES to meet their business needs without having to rely on IT or other outside resources. Using a customer-centric approach, ACES clients get responsive support and access to our experts to maximize their investment. For more information, visit www.acesquality.com or call 1-800-858-1598.

Related link: https://www.acesquality.com/

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