SecondLook

The SecondLook Audit Software, developed by TENA Companies, Inc., is a software solution designed to streamline the mortgage Quality Control (QC) process. According to the vendor, this software is aimed at lenders and servicers of all sizes, including mortgage lenders, mortgage servicers, compliance officers, quality control professionals, and financial institutions.

Key Features

Customizable Selection Algorithms: According to the vendor, the software supports various selection algorithms, including random, targeted, and discretionary, for both fixed and statistical sampling methodologies. This flexibility allows users to choose the most suitable approach for their auditing needs.

Report Templates: The software provides a range of standard and customizable reports, including analysis of audit findings, trend analyses, summary reports, and follow-up reports. The vendor claims that these reports facilitate clear and effective communication of audit results.

APR Validator: The software independently computes the Annual Percentage Rate (APR) using imported and auditor-supplied data, according to the vendor. It automatically notifies the auditor of any discrepancies found, aiming to ensure accurate and compliant APR calculations.

Customizable: The software is built on a rules-based platform, allowing easy customization of audit testing scripts to fit the unique requirements of each firm, according to the vendor. This flexibility aims to enable the software to adapt to different workflows and specific auditing needs.

Smart Scripts: According to the vendor, the software utilizes dynamic testing scripts that include only relevant questions based on the loan being audited. This approach aims to streamline the auditing process by eliminating unnecessary questions, potentially saving time and improving efficiency. Optional state compliance testing is also available.

Continuous Updates: The vendor claims that the software stays up-to-date with changing regulatory requirements by utilizing a pool of over 15,000 continually updated audit questions. All additions, deletions, and revisions to audit questions are published to the software on a monthly basis, aiming to ensure compliance with the latest industry standards.

Consumer Testing Scripts: In addition to mortgage auditing, the software includes a catalog of dynamic testing scripts for secured and unsecured consumer loans, auto loans, HELOCs, credit cards, and private student loans, according to the vendor. This feature aims to expand the software's usability beyond mortgages, catering to a wider range of loan types.