DENVER, Colo., April 22, 2020 (SEND2PRESS NEWSWIRE) — ACES Risk Management (ARMCO), the leading provider of enterprise quality management and control software for the lending industry, announced the official release of ACES Consumer, the next iteration of its ACES Audit Technology™ platform designed specifically for financial institutions. The new solution provides both consumer banks and credit unions with a single platform to improve loan quality and gain valuable insights across all consumer lending channels.

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“Traditionally, financial institutions have taken a siloed approach to quality control in lending. As a result, organizations may have a different process or platform for managing loan quality in each of their consumer product lines, thereby duplicating efforts and increasing the cost to comply,” ARMCO CEO Trevor Gauthier said. “As the leader in quality control audit software for the mortgage industry, ARMCO has amassed a wealth of knowledge on best practices for managing QC and compliance, which we have leveraged in the development of ACES Consumer to provide all financial institutions with a single platform capable of ensuring loan quality and mitigating risk across their entire enterprise.”

ACES Consumer is a web-based, user-definable platform that enables financial institutions to easily configure audits across their entire consumer lending portfolio to help reduce audit times by up to 40% and eliminate manual processes. Backed by a dedicated Client Success team, the platform includes automated loan sampling functionality, advanced reporting and dashboarding capabilities and a secure communication portal to streamline the quality control process.

ACES Consumer also uses pre-built questionnaires to ensure compliance with federal consumer regulations covering, but not limited to:

  • Consumer direct and indirect lending;
  • Truth in Lending Act (TILA);
  • Loan applications;
  • Branch audits;
  • New deposit open end credit;
  • Consumer loan servicing;
  • Consumer leasing;
  • Marketing; and
  • Community Reinvestment Act (CRA).

“Many financial institutions have been forced to rely on spreadsheets, email and manual processes to power their quality control audits. As organizations grow, these methods quickly become inadequate to the task, which exponentially increases the number of manhours required to complete this mission-critical function. Furthermore, these methods are ill-suited to a remote work environment, as they add unneeded complexity to the process and create multiple opportunities for data to become lost or corrupted,” Gauthier said.

“With ACES Consumer, financial institutions can harness the power of web-based automation to streamline the quality control process, thereby ensuring that they have a scalable process in place for managing loan quality and mitigating risk, regardless of their operational circumstances.”

For more information, visit https://www.armco.us/products/aces-consumer.

About ARMCO
ACES Risk Management (ARMCO) is the leading provider of enterprise quality management and control software for the financial services industry. More than half of the top 25 mortgage lenders, a third of the top 150 lenders and servicers and two of the top five U.S. commercial banks rely on ACES Audit Technology™ to improve audit throughput and quality, while controlling costs. Unlike other quality control platforms, only ACES delivers Flexible Audit Technology, which gives independent mortgage lenders and financial institutions the ability to easily manage and customize ACES to meet their business needs without having to rely on IT or other outside resources. Using a customer-centric approach, ARMCO clients get responsive support and access to our experts to maximize their investment. For more information, visit www.armco.us or call 1-800-858-1598.

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News Source: ACES Quality Management