In a significant step towards streamlining regulatory compliance and risk management in the mortgage industry, mortgage underwriting software provider, FundMore, has teamed up with Indian digital services firm, Coforge (formerly NIIT Technologies).

The alliance aims to develop a cutting-edge platform to automate quality control (QC), addressing the industry’s heightened need for efficient and accurate loan production amid increasing regulatory scrutiny.

Maddee Hegde — Coforge BPS EVP and Head said: “Coforge is excited to partner with FundMore to deliver this game-changing solution to the market. Lenders and insurers will have greater transparency into risks at a loan level, empowering them to make more informed decisions going forward.”

The QC automation platform, utilizing advanced technologies like Optical Character Recognition (OCR), rules engines, and automated workflows, significantly curtails the time and effort needed to review loan files.

It facilitates comprehensive audits and efficient quality control measures, considering every relevant data point during quality reviews. The system promises greater efficiency, accuracy, and transparency, positioning compliance automation as a transformative solution for the industry’s challenges.

The collaboration empowers financial institutions to enhance their QC and compliance processes significantly.

Chris Grimes — FundMore CEO said: “We spoke with many lenders and identified a gap in the current process. Lenders and insurers are unable to perform QC at scale for the loans that they are producing or insuring. Working with Coforge, we have developed a way to automate these compliance tasks using their Copasys platform.

“We can now ensure that every loan is reviewed against lending guidelines to identify deficiencies upfront. Lenders can use this information to produce better quality loans and minimize downstream impacts.”

  automation, Chris Grimes, Coforge, India, Maddee Hegde, mortgage, risk management