Turnkey platform helps lenders manage the spike in required monthly EPD audits due to COVID-19 pandemic
(DENVER, Colo.) — NEWS: ACES Risk Management (ARMCO), the leading provider of enterprise quality management and control software for the lending industry, announced the release of ACESXPRESS(TM) for Early Payment Defaults (EPDs) to bolster lenders’ existing audit programs in light of the recent increases in required monthly EPD audit volume.
“With unemployment figures on the rise due to the COVID-19 pandemic, the industry is bracing itself for a sharp increase in the number of EPDs on recently originated loans. Furthermore, EPDs are one of the strongest indicators of possible mortgage fraud, the likelihood of which also increases as borrowers feel a greater sense of urgency to secure financing for their home purchase,” ARMCO CEO Trevor Gauthier said. “ACESXPRESS for EPDs provides a turnkey platform for managing sudden volume spikes in EPD audits while maintaining compliance with audit requirements. Because the system can be implemented within a week, ACESXPRESS for EPDs also minimizes the burden typically placed on existing staff when onboarding a new system, thus enabling lenders to begin realizing its benefits sooner.”
Originally launched in 2016, ACESXPRESS delivers the power of the ACES Audit Technology(TM) platform in an easy-to-implement format for small and mid-sized lenders. Recognizing the need for a similar platform designed specifically for EPD audits, ARMCO refined the functionality of ACESXPRESS to deliver needed EPD audit support with a streamlined implementation timeframe. ACESXPRESS for EPDs includes:
* Minimal setup requirements and the ability to configure within a week;
* Full product support from ARMCO;
* Pre-configured audits, including ACES IQ for conducting EPD reviews; and
* A library of standard report templates.
“Responsiveness is key to managing loan quality,” said Gauthier. “As economic and market conditions change, ARMCO is committed to delivering technology that supports lenders’ audit needs and helps mitigate lending risk.”
ACES Risk Management (ARMCO) is the leading provider of enterprise quality management and control software for the financial services industry. More than half of the top 25 mortgage lenders, a third of the top 150 lenders and servicers and two of the top five U.S. commercial banks rely on ACES Audit Technology(TM) to improve audit throughput and quality while controlling costs. 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, ARMCO clients get responsive support and access to our experts to maximize their investment.
For more information, visit www.armco.us or call 1-800-858-1598.
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