Mortgage Machine Services, a provider of lending solutions, will start offering the source code to Mortgage Machine, its loan origination system, to the entire mortgage industry to help better prepare the market for the upcoming Consumer Financial Protection Bureau TILA-RESPA regulations.

“There are so many changes in compliance that have been hitting mortgage bankers,” said Jeff Bode, owner of Mortgage Machine Services. “We think this will save lenders quite a bit of time and money.”

The CFPB recently made changes to Regulation Z, which implements regulation for the Truth in Lending Act (TILA), and Regulation X, which covers the Real Estate Settlement Procedures Act (RESPA). Both go into effect Aug. 1.

Up until now, the Mortgage Machine Services solution was used by a select group of mortgage bankers, but the updated solution adds in more attractive features to appeal to lenders.

“Mortgage Machine allows lenders to drive their own enhancement requests and be better poised to make changes with the flow of the industry, not to mention changing regulations, by working directly with the system’s source code,“ said Bode.

“A lot of the mortgage companies now have the capital they need to invest in the software, and programming has become a lot cheaper,” said Bode. “The compliance piece is really significant this year, and we have done the planning needed for it. Hosting your own software takes the 'landlord' out of the picture. You can design the system around your existing workflow rather than changing your workflow each time your LOS gets updated."

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