ISGN Corporation™ (“ISGN”), a leading provider of end-to-end technology solutions and services to the U.S. mortgage industry, announced during MBA’s National Technology in Mortgage Banking Conference & Expo that its CFPB Compliance RiskCheck™ was recognized by PROGRESS in Lending as a top innovation of 2014.
The awards are named to companies that have introduced innovative products in the mortgage space while sustaining intangible efficiencies as a result. ISGN was selected based on industry significance, originality of its solution and positive change that the innovation made possible.
“The mortgage industry needs innovation more than ever to successfully reinvent itself and remain financially stable given the drop in volume and the increase in the regulatory burden. So, PROGRESS in Lending formed the Innovations designation to reward those exhibiting this behavior that have advanced the cause of mortgage lending and to hopefully encourage others to follow by example. We have a strict grading method to judge all of the entries,” said Tony Garritano, founder of PROGRESS in Lending. “In addition, all of our board members, who have over 100 years of combined mortgage experience, act as judges. It’s a high bar to reach, but we think it’s important to honor the best of the best.”
ISGN’s CFPB Compliance RiskCheck was designed for lenders of all sizes in need of a cost-effective and efficient risk evaluation tool. The system is based on a series of compliance-related questions that are used to analyze inherent risk and prevent regulatory consequences. The automated compliance solution then provides a detailed report including compartment risk weightings, trends and high risk items, which can be provided to regulators and for action plans.
“Being named an innovator reaffirms our commitment to not only the U.S. mortgage industry, but also compliance technology – crucial in today’s highly regulated environment,” said Paul Imura, CMO of ISGN. “With our new automated cloud-based compliance solution, lenders can potentially eliminate severe consequences by ensuring compliance. The ROI for this shared services model presents a compelling win to any financial institution, and we look forward to the additional benefits it will bring our customers.”