QuestSoft Corporation announced it has added the ALTA Registry check to its growing list of Compliance EAGLE subscription services. The ALTA Registry functions as a searchable online database of underwriter-confirmed title agent companies, real estate attorneys and underwriter direct offices.
“The ALTA Registry identifies a title vendor with unprecedented accuracy and is a great fit for real-time mortgage compliance,” says Leonard Ryan, President of QuestSoft. “This makes our results more accurate and further automates the range of verification checks Compliance EAGLE provides lenders. The ALTA Registry includes a unique ID that allows us and our lender customers to identify a title vendor without relying upon antiquated processes while at the same time solving decades old verification headaches.”
Because there had previously been no unique ID number used across the industry to help match provider records in different databases, communication has often been difficult and costly for the title industry and its customers. This challenge can also impact compliance and vendor oversight requirements as well as the need for collaboration throughout the transaction. The ALTA Registry addresses this by creating a unique 7-digit identifier — the ALTA ID — which is automatically assigned to each new database record as a permanent ID number and is never changed, reassigned, or reused.
Compliance EAGLE is the only digital compliance & risk management platform allowing mortgage lenders to check regulatory red-flags prior to funding. This includes Instant HMDA, Instant MCR, Flood PreCert, Secondary Market Saleability Review, LEF Review and Exclusionary List checks. Adding the ALTA Database brings another level of assurance to lenders.
“Compliance EAGLE relies upon good, clean data to provide lenders with pre-closing checks on TILA, QM, RESPA, exclusionary list, fraud reviews and other critical regulations,” added Ryan. “The ALTA Registry enhances this by ensuring that a title vendor’s title insurance underwriters have confirmed their individual information before it is published in the ALTA Registry.”