This list of Frequently Asked Questions should provide you quick insight into the world of mortgage quality control, ARMCO and ACES Audit Technology™.
How is ACES Web more functional than traditional PC-based mortgage quality assurance software?
ACES Web does not use Citrix or any other third-party connection device. You have access to complete system functionality anywhere in the world from a standard web browser – without compromising security. Checklists and questionnaires can be linked to any web links. Instead of waiting until the end of the month to notify Areas of Responsibilities (AORs) of critical deviations, ACES Web sends notifications of deviations via electronic mail in real time as they are discovered.
Does ARMCO offer different investment options to use ACES Web Audit Technology?
Yes. We offer per-usage fee structures and annual licenses.
Does ARMCO offer data hosting services to save clients the infrastructure and expense required for hosting data?
Yes. We are the leading providing of Software-as-a-Service to the loan audit and mortgage quality control industry. ARMCO guarantees security, uptime and reliability and saves you the headaches and expense of hosting internally. All company information and customer data is secured in a SSAE-16 certified datacenter where the ARMCO servers are hosted.
Does ARMCO charge for individual customer support?
No. ARMCO includes unlimited customer support in our package pricing. Charges are not accrued on an individual call basis.
Does ARMCO charge for individual user licenses?
No. ARMCO does not charge for individual user licenses.
Can I import an unlimited number of user-defined fields into ACES Web?
Yes. ACES Web automatically imports field data from your front-end system as often as every five minutes. In addition, you have the ability to specify new fields as you wish. ACES Web Audit Technology can accommodate loan data in several different types of formats and converts seamlessly at no charge.
Can I key in one loan at a time?
Yes. ACES Web's flexible loan import functionality allows you to import loan data electronically using ACES XML Builder. You can also choose to manually key into the system using as many or as few as three fields.
Does ACES Web come with standardized Checklists/Questionnaires, Exceptions, Exception Ratings, Loan Ratings and Re-verification Document templates?
Yes. Contact one of our product specialists to learn more about how ARMCO’s ACES Web Audit Technology 's up-to-date questionnaires help you comply with GSE, Federal and state regulatory requirements.
Can I define my own Checklists/Questionnaires, Exceptions, Exception Ratings, Loan Ratings and Re-verification Document templates?
Yes. ARMCO’s ACES Web questionnaire is completely customizable. Build your own or take parts of ours and modify for your organization’s needs.
Can I have multiple Checklists/Questionnaires pending the type of audit I would like to perform?
Yes. You may have as many different Checklists/Questionnaires as you choose within ACES Web Audit Technology.
Can I define my own stratified sampling procedures, automated targeted samples and statistical sampling?
Yes. ARMCO’s sampling methodologies are comprehensive and robust, and our statistical sampling algorithms have been vetted by the GSEs.
Can ACES Web be set up to automatically rate the loans as a whole based on each client's definition of a rating scale?
Yes. Contact one of our product specialists to see how much flexibility ACES Web Audit Technology has in calculating loan ratings.
Once I run the ACES Web Manual or Automated Loan Selection Module, can the system automatically assign those loans to my analysts? Can it assign criteria so that certain loans are assigned to specific analysts?
Yes and yes. Easy-to-use Audit, Loan Selection and Assignment Modules are integrated into a streamlined workflow, guiding analysts and administrators through a proven process that increases productivity.
Can I audit loans without using a checklist/questionnaire? Can I add exceptions on-the-fly without tying them to the checklist/questionnaire?
Yes. ARMCO’s exception creation process is flexible, enabling on-the-fly exception generation.
What is the purpose of mortgage Quality Assurance in financial institutions?
The mortgage quality assurance departments study the organization's processes to record situations that deviate from guidelines and regulatory requirements. By recording such deviations (“exceptions”) the Quality Assurance department helps ensure continuous improvement in the quality of loans generated by the organization.
Why is Quality Assurance so important in the mortgage industry?
With the new regulatory landscape, mortgage quality assurance is more important than ever before. Lenders and servicers are concerned about repurchase risks and GSE audits. Automated quality control software can help safeguard lenders from these threats.
Can I generate any report I want in ACES Web? Does ACES Web come with standardized reports?
Yes and yes. If you provide the field information to ACES Web, you can create a number of ACES Web reports. ACES Web has integrated SAP’s Business Objects, among the most advanced and flexible business intelligence and reporting tools on the market. This gives you complete flexibility to meet your mortgage quality control and quality assurance needs.
What is the technical background required to use ACES Web?
None. ACES Web requires only basic computer skills for everyday users. Administrator functions do not require someone from your IT department. Of course, ACES Web is a very robust and highly configurable mortgage quality control software that is ideally managed by someone with the ability to learn and make the most of a feature-rich enterprise-grade system.