Alliances and Partnerships, Business, Free News Articles, Insurance, Software

PayneWest Insurance, a Top 100 National Insurance Brokerage, selects TrustLayer Compliance and Certificate Management Software to leverage next generation technology in their leading Compliance Service Practice

SAN FRANCISCO, Calif. -- PayneWest Insurance, a leading insurance brokerage in the Pacific Northwest, today announced partnering with TrustLayer, Inc., the next generation solution for compliance tracking. PayneWest will leverage TrustLayer to expand value added services within their many Specialty Practices - specifically their Insurance Compliance Service offering to its Construction customers. PayneWest is the leading brokerage in the region to roll out this suite of additional consulting services at scale.

Legacy certificate tracking software systems are often cumbersome and expensive. Industry pioneer TrustLayer provides an innovative risk management system that enables immediate vendor coverage verification. Using a unique robotic process automation (RPA) and AI to automate this manual process allows companies to automatically verify the insurance and licenses of their partners. With TrustLayer, PayneWest is able to elevate and expand its risk consulting services to many more of its customers.

"Small and medium businesses often cannot justify a full-time Risk Manager. TrustLayer gives our brokerage an ability to offer additional risk consulting services to our clients. Most importantly, it helps us better protect our clients from insurance claims caused by their vendors," said Isabel Barichievich, Specialty Practice Project Manager.

Barichievich added, "TrustLayer provides a collaborative risk management platform that allows us to help review and track certificates of insurance (COIs) to make sure our clients' vendors have the correct insurance coverage."

"With the current state of the economy, many vendors are not carrying the right commercial insurance coverage," said John Fohr, Chief Executive Officer of TrustLayer. "By using TrustLayer, PayneWest will be able to automate the traditionally manual process of tracking insurance coverage for their customers, enabling the agency to reduce inefficiency, increase revenue and retain its customer base."

About TrustLayer

TrustLayer is a collaborative risk management application that helps reduce friction between businesses. The company allows their business partners' users to automate the verification of insurance, licenses, and compliance documents (i.e., vendors, subcontractors, suppliers, borrowers, tenants, ridesharing and franchisees). TrustLayer's solution is recognized by the industry and is a member of BrokerTech Ventures (BTV) accelerator, BrushCreek Tech Insurance accelerator, winner of the 2019 R3 CordaCon Insurtech Challenge, and received top honors at The Institutes 2020 annual convention.

Learn more at: https://www.trustlayer.io/

Related link: https://www.trustlayer.io/

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Business, Free News Articles, Product Launches, Software

ARMCO Launches ACES Automated Document Manager, which Uses Robotic Process Automation to Help Lenders Lower Gross Defects

POMPANO BEACH, Fla. -- ACES Risk Management (ARMCO), the leading provider of financial quality control and compliance software, has announced that it has launched ACES Automated Document Manager (ADM), a new technology that uses robotic process automation to automate the core activities lenders undertake to reduce gross loan defects. ARMCO will be demonstrating ADM, which is available through ARMCO's ACES Audit Technology(TM) and as a stand-alone product, by appointment at MBA's Annual Convention and Expo 2017 in Denver, Colorado.

ADM uses robust OCR (optical character recognition) technology to automatically identify, bookmark and organize loan documents, as well as to alert users of any missing documents associated with loan files. These are lenders' core activities associated with identifying and reducing gross defects. Users simply place the loan document files into a secure folder and ADM automatically parses, sorts and labels the documents-completing in moments what traditionally takes upwards of one hour per file with manual processes.

ADM can parse hundreds of PDF files in minutes using advanced robotic process automation, an emerging form of process automation technology based on the notion of software robots or artificial intelligence (AI) workers.

"Loan files can contain 500 or more PDFs or imaged documents that must be sorted and accounted for if lenders want to reduce gross defects. That's a time consuming, error-prone process when done by hand," said Phil McCall, president of ARMCO. "At ARMCO, our focus is helping lenders to not only elevate loan quality, but also cut costs, reduce turn times and gain efficiency. Automated Document Manager reduces defects while saving time. That's especially valuable for large volume lenders and outsourced QC providers."

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 Audit Technology(TM), is available at any point in the mortgage loan lifecycle, to any size lender, and is user-definable. ACES 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 1-800-858-1598.

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Alliances and Partnerships, Free News Articles

MetaSource Partners with ComplianceEase to Provide Automated Compliance Testing

SALT LAKE CITY, Utah -- MetaSource, the leading provider of mortgage quality control (QC) compliance advisory and workflow automation solutions, announced it has partnered with ComplianceEase? to provide automated compliance testing for loans submitted to MetaSource for review.

MetaSource provides lenders with independent third-party compliance reviews of their loan pipeline to provide feedback on potential issues that may cause issues related to salability in post-closing or be uncovered during a regulatory audit. In particular, when conducting compliance checks during the pre-funding QC process, this review offers lenders significant risk mitigation benefits by addressing loan quality issues prior to funding.

"The MetaSource-ComplianceEase partnership is a natural fit, as we have had a long standing relationship with ComplianceEase and its ComplianceAnalyzer(R) platform," said Mary Kladde, Senior Vice President of Mortgage Services at MetaSource. "Coupled with our team's expertise in loan production, this partnership will ensure that MetaSource is able to deliver accurate, actionable results to help lenders improve their overall loan quality when delivering loans for purchase and preparing for potential regulatory audits."

ComplianceEase provides technology solutions to manage operational risk and regulatory compliance. Its flagship product ComplianceAnalyzer provides automated, loan-level auditing covering all levels of regulation from federal, state, and municipal high-cost and anti-predatory laws to usury, consumer credit regulation, prepayment penalties, and more.

"Lenders can't rely on the 'stare and compare' approach to test for compliance with TRID. Automation allows the auditing of all documents for delivery timing sequencing, fee names, tolerances, changed circumstances, and reasons for re-disclosures so they can review exceptions," said Dan Smith, SVP, Sales of ComplianceEase. "We're pleased to be selected by a third-party reviewer like MetaSource to deliver thorough loan auditing akin to what the secondary market investors and examiners will see so that lenders can originate confidently and efficiently."

For more information, visit http://www.mortgage.metasource.com.

About ComplianceEase(R)

Headquartered in the Silicon Valley, ComplianceEase, a division of LogicEase Solutions Inc., is a leading provider of risk management solutions to the financial services industry. ComplianceEase's patented platform includes ComplianceAnalyzer(R), the mortgage industry's most adopted automated compliance solution with the most comprehensive TRID auditing. ComplianceEase combines regulatory expertise with innovative technology to power end-to-end risk management solutions that help financial institutions improve compliance controls and increase profitability. The company's growing client base includes financial institutions, service providers, law firms, GSEs and three of the top five mortgage lenders in the U.S. ComplianceEase's automated compliance solutions have also been adopted as e-Exam tools by federal and state banking and mortgage regulators. For more information, visit http://ComplianceEase.com or call 1-866-212-3273.

About MetaSource

From automation to outsourcing, our mortgage workflow and compliance solutions enable you to focus on your core business - we'll do the rest. MetaSource is a technology driven provider of Business Process Outsourcing (BPO) / Business Process Management (BPM) services integrated with Enterprise Content Management (ECM), workflow solutions and customer experience processes to meet our clients' goals and objectives. We service a variety of industries for a national clientele through our global network of PCI Level 1 / Version 3 certified, SOC / AT 101 Type II (formerly known as SAS70) and HIPAA compliant processing centers, employing over 1,000 employees worldwide.

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Business, Free News Articles, Reports and Studies

ARMCO Releases Inaugural Mortgage QC Industry Trends Report

POMPANO BEACH, Fla. -- ACES Risk Management (ARMCO), the leading provider of financial quality control and compliance software, announced it has released its ARMCO Mortgage QC Industry Trends report, covering the first quarter of 2016. Using the Fannie Mae loan defect taxonomy, the report details the analysis of post-closing quality control data from loan files and findings captured by the ACES Analytics benchmarking system.

The overall industry critical defect rate trended downward for most of 2015, dropping to 0.77 percent in Q3. However, the defect rate began to climb in Q4 2015, and this trend has continued, with the critical defect rate increasing to 1.92 percent in Q1 2016 which corresponds to a rise in the number of Legal/Regulatory/Compliance defects. In 2015, Legal/Regulatory/Compliance defects comprised 25.9 percent of all defect reported. In Q1 2016, they accounted for 50 percent, which represents a 93 percent increase.

"The implementation of TRID in the fourth quarter of 2015 is directly responsible for both the increase in compliance-related defects and the critical defect rate for the entire industry, as defect rates for all other categories continue to decrease," said Phil McCall, COO for ARMCO. "Prior to Q4 2015, lenders were doing an excellent job of driving down critical defect rates, and once the industry begins to implement corrective action plans for TRID-related defects, we expect to see the overall and compliance critical defect rates to trend downward once more."

According to the report, the industry has reduced its overall defect rate in both the Loan Package Documentation and Property-Appraisal categories, which represent the second and third most frequently reported defects in Q1 2016. Defects in the Loan Package Documentation category, which was the No.1 category for 2015, decreased from 35.3 percent in 2015 to 26.4 percent in Q1 2016.

"The significant decrease in Loan Package Documentation defects reflects a concerted effort by lenders to address this point of concern in their loan production strategy," said Avi Naider, CEO for ARMCO. "The GSEs have conveyed to the industry that missing documents are a significant loan quality issue that needs to be resolved, and the decrease in defects in this category is evidence that lenders are taking this to heart and implementing corrective action plans to ensure all required docs are included in the final loan package."

To view the full report, visit http://www.armco.us/knowledge/mortgage-qc-industry-report-2016-q1.

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 1-800-858-1598.

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