Mortech, the mortgage pricing engine Zillow purchased in November 2012, has enhanced its compliance platform that checks a prospective borrower’s creditworthiness against the new “qualified mortgage” regulations from the Consumer Financial Protection Bureau that went into effect on Jan. 10.
Mortech released an initial version of the tool in November that helped lenders determine whether a loan met the new requirements from the CFPB, including debt-to-income ratio, limits on lender fees and points, and annual percentage rate spreads.
The tool’s new features include a customizable compliance worksheet that provides a complete overview of the loan — both at the application stage and when it’s locked — that illustrates exactly what compliance tests have been performed and the results.
The platform also allows lenders to check borrower compliance for higher-priced loans and ones subject to other regulations.
Source: BusinessWire
