RESULTS
Since implementing ACES, Norcom has:
- Confidently met GSE requirements with robust reporting capabilities;
- Condensed reporting turn times from weeks to minutes;
- Streamlined capabilities to provide all areas of responsibility with reports to ensure consistency company-wide; and
- Leveraging ACES custom questionaries to close audits as quickly as 45 days from closing month
Since going live in ACES, Norcom Mortgage has collaborated with the ACES team and community to take its QC audit processes to the next level. Its ability to customize the system while also leveraging all of the data to report up to management has been pivotal to Norcom efficiently and confidently managing its QC processes. “We’ve been able to add a component-target audit by creating a custom questionnaire to populate only the questions pertaining to the component of the loan we’re reviewing such as income, appraisal, or asset”, said Baril. “We’re now able to close audits as quickly as 45 days after the closing month, which is much faster than the 90-day Fannie Mae post-close requirement. We are already ahead of the game and without having to add additional FTEs”, Baril concluded.
Robust Functionality
From integrations for quickly ordering 4506-C’s and Bank VODs for reverifications to creating custom fields and questionnaires, ACES continues to grow with Norcom’s changing requirements.
“A huge benefit of using ACES is having all of my data and reports stored in one central place,” elaborated Baril. “We can meet the GSE requirements for reporting on our reverifications because it is all housed in one system. We can be confident in an audit, knowing everything we need is there.”
Compliance Expertise
Norcom Mortgage always strives to improve its QC processes and has found the quarterly ACES Mortgage QC Industry Trends Report helps them benchmark its success. “I love using the quarterly Trends Report to compare what’s happening within our organization to what’s happening industry-wide,” said Baril. “It’s important to me to be able to let my management know how we size up to what’s happening out there.”
The Trends Report represents an analysis of post-closing quality control data derived from loan files analyzed by the ACES Quality Management and Control® benchmarking system and incorporates data from prior quarters and/or calendar years, where applicable.
As an ACES customer for many years, Norcom discovered there was an opportunity to revisit the system functionality in order to ensure it was getting the most out of its investment. After bringing on the professional services team, Norcom was able to build out much more robust reports, providing greater visibility organization-wide. “We created a custom “score card” report which break down each area of responsibility as well as a monthly trending report that charts the previous three months along with every defect category to help us identify areas of concern as well as areas of improvement”, Baril stated.
In addition, with the ever-changing landscape of mortgage compliance, Norcom relies on ACES as a thought leader and subject matter expert, supporting its ability to stay up-to-date on the latest in the industry.
“Working with the ACES team is like having a one-stop-shop partnership,” Baril stated. “From the quarterly trends report to the Compliance NewsHub, everything is there. We get industry updates several times a day from many different sources. We can just go right to ACES, and it’s all there in one spot.”
Reporting
As a lender in 40 states, Norcom feels everyone at its organization has a role in the quality of its loans and relies on ACES’ streamlined capabilities to provide all areas of responsibility with reports and the data necessary to ensure consistency company-wide. Writing reports with ACES now takes minutes as opposed to weeks, even months previously. Now they can pull the data necessary to communicate any problem areas effectively and in real-time, giving them the benefit of taking corrective action and remediate issues quickly.
“Reports are created in minutes versus weeks and we’re able to customize our reports to be more concise and focused. This gives our management team the ability to hone in on the exact areas pertaining to them”, Baril stated.
“I found ACES to be so robust,” concluded Baril. “All of the defect taxonomy and the questionnaires, how it integrates with the reporting out to management. It’s just amazing. I would recommend ACES absolutely. I can’t imagine how we would do what we do without ACES on our side.”
Since going live in ACES, Norcom Mortgage has collaborated with the ACES team and community to take its QC audit processes to the next level. Its ability to customize the system while also leveraging all of the data to report up to management has been pivotal to Norcom efficiently and confidently managing its QC processes. “We’ve been able to add a component-target audit by creating a custom questionnaire to populate only the questions pertaining to the component of the loan we’re reviewing such as income, appraisal, or asset”, said Baril. “We’re now able to close audits as quickly as 45 days after the closing month, which is much faster than the 90-day Fannie Mae post-close requirement. We are already ahead of the game and without having to add additional FTEs”, Baril concluded.
