Zillow beefs up Mortech’s mortgage regs compliance platform

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”┬áregulations 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┬áinclude 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