<img src="https://ws.zoominfo.com/pixel/pIUYSip8PKsGpxhxzC1V" width="1" height="1" style="display: none;">

Discover Home Loans and Ncontracts partner to streamline the mortgage process for customers

author Guy Weismantel
1 min read
Apr 15, 2021

Automated LeadER review provides faster and more accurate quotes to borrowers during the prequalification process.

Ncontracts, the leading provider of integrated risk management and lending compliance solutions for the financial services industry, announced that the company’s QuestSoft lending solutions team has collaborated with Discover Financial Services on a new automated prequalification review. This solution will help streamline loan originations while ensuring compliance with all applicable Federal, State, and local rate limits.

“We’re focused on providing a superior customer experience throughout the entire home loan process,” said Nicole Straub, General Manager of Discover Home Loans. “By working with Ncontracts and QuestSoft to develop LeadER, we were able to continue providing a simple and seamless application process from start to finish for our customers.”

Before LeadER, if interest rates exceeded the high-cost threshold, loans were manually adjusted during underwriting, causing buyers to require re-disclosures late in the process. Discover worked with Ncontracts and QuestSoft to create the LeadER review, a compliance system that automatically adjusts the pricing when the rate exceeds high-cost thresholds, so applicants have the right price quote up front. The new system also evaluates applicable index values while calculating and verifying APR and payment streams for multiple side-by-side quotes and estimating calculations for all types of loans.

"We are excited that in just nine months we were able to work with the team at Discover to create this automated solution that improves the origination process and the borrowers’ experience," said Steve Butler, senior vice president, automated mortgage lending solutions at Ncontracts. "LeadER can also now be used throughout the mortgage industry to help other lenders accurately quote rates to applicants while remaining compliant with all the various rate limits."

Since launching the automated prequalification review, more than 1,300 applicants have received auto-adjustments, including 200 applicants who would have previously required manual adjustments during final underwriting under the old system. Additionally, 71 applicants were able to receive lower rates during the initial sales discussion that brought their debt-to-income ratios under the required threshold.

The LeadER review is available now through QuestSoft’s Compliance EAGLE platform.

 

 

Related: How to Build a Strong Fair Lending & Redlining Compliance Management System

Subscribe to the Nsight Blog

All Topics Risk & Compliance Product Insight Banks Lending Compliance Credit Unions Risk Management Fair Lending Nfairlending Cluster: Risk Management Compliance Lending Compliance Management Integrated Risk Blog Nrisk Regulatory Compliance Management News & Updates HMDA Risk Mortgage Lenders Ncomply Vendor Management Business Resiliency CRA Lending Compliance Blog Vendor CFPB Ncontinuity Third-Party Vendor Management Business Continuity Cybersecurity Fintech NVendor Strategic Planning Ncyber Ntransmittal Audits & Findings Company Culture OCC Regulatory Updates Audit Nverify Regulatory Compliance Exams FDIC Compliance Management Findings Nfindings NCUA Contract Management Employee Intranet Contract FRB Business Continuity Management FFIEC Findings Management Ncontracts manager Third-Party Vendors Vendor Risk Enterprise Risk Management ABA Bank Access Control Audit Findings Board Portal Call Report Due Diligence Efficiency Employee Engagement Exam findings FIEC Inc. 5000 Internal Audit Management Nboardportal Verify Wealth Management
43 Questions and Answers Regarding the S.2155 HMDA Partial Exemption
Lending Compliance

43 Questions and Answers Regarding the S.2155 HMDA Partial Exemption

Jul 13, 2021 14 min read
52 HMDA Filing Questions Answered by Compliance Experts
Lending Compliance

52 HMDA Filing Questions Answered by Compliance Experts

Jan 26, 2022 24 min read
How Robust Is Your Lending Compliance Program?
Lending Compliance

How Robust Is Your Lending Compliance Program?

Feb 17, 2021 3 min read