Coforge partners with FundMore for compliance automation solutions

13 Jun 2023 , 01:29 PM

Coforge Limited, an IT firm based in Noida, has entered into a partnership with FundMore, a Canadian mortgage underwriting software company. Their objective is to collaboratively create a platform that automates quality control (QC), risk management, and regulatory compliance procedures specifically for mortgage lenders operating in Canada. 

Coforge emphasized that the mortgage industry has faced heightened regulatory scrutiny, necessitating the need for streamlined and precise loan production. Consequently, financial institutions have recognized the significance of prioritizing quality control and compliance. The company further highlighted the numerous advantages of automating compliance, which addresses the industry’s challenges and contribute to improved efficiency and accuracy.

QC automation, which employs OCR technology, rules engines, and automated workflows, significantly reduces the time and effort required for reviewing loan files. The platform empowers financial institutions to conduct comprehensive audits and implement robust quality control measures, guaranteeing that all relevant data points are considered during meticulous quality reviews.

The collaboration will assist financial institutions in improving the overall efficiency of their quality control and compliance processes.

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