DataTrac LOS Integrates with QuestSoft, DocMagic
Loan origination software provider Del Mar DataTrac, Inc said Tuesday that it had integrated with Laguna Hills, Calif.-based QuestSoft in the newest release of its Vendor Service Platform LOS. VSP 2.0 is a browser-based extension to DataTrac, the company's flagship LOS platform, and includes what the company called "seamless" integration into QuestSoft's Compliance EAGLE service, as well as "extensive enhancements" to its existing integration with the DocMagic eDocs platform. As with most integration efforts, manual data entry and duplication of entries is no longer needed to use both platforms. QuestSoft's Compliance EAGLE evaluates a file against a compliance regulations and standards including Home Mortgage Disclosure Act (HMDA), Community Reinvestment Act (CRA) and flood determination requirements, as well as Truth in Lending Act (TILA), federal, state and local consumer and predatory lending laws. QuestSoft's platform itself links into the Mavent Expert System, the same system used by many of nation's largest lenders, conduits and Wall Street firms -- underscoring just how complex various partnerships in origination technology can be. Depending on the origination function in question, a software provider is either seen as a vendor or a provider, or a platform unto itself. "By reviewing federal, state and local regulations, lenders and investors have more confidence that they have reduced litigation and regulatory risk," said Leonard Ryan, president of QuestSoft. "Investors are far more comfortable purchasing the loans because the system ensures compliance with all new regulations." Competition among LOS platforms has become intense as the industry downturn has accelerated -- leading to a swarm of partnerships and renewed integration efforts -- as the industry-wide contraction has established a smaller universe of originators for competing LOS providers to reach. For more information, visit http://www.delmardb.com and http://www.questsoft.com.