FAQs
What is the purpose of Quality Assurance in financial institutions?
The quality assurance departments of financial institutions study the organization's processes to record situations that deviate from each organization's guidelines. For example, at a mortgage banker, the quality assurance department will review a selection of originated loans to find deviations and exceptions in those loans relative to company loan origination policies.
Why is Quality Assurance becoming so important?
Quality loans are the only loans performing today. Investors are now focused on quality and want to be informed about negative deviations to the process of originating a loan. In addition, without proper quality assurance, loans cannot be resold in the secondary market.
How is ACES WEB more functional than traditional PC Based Quality Assurance Software?
ACES WEB does not use Citrix nor any other 3rd part connection device. Web clients have access to complete system functionality anywhere in the world from a standard web browser. Checklists/questionnaires can be linked to any web-links on the web. Instead of waiting until the end of the month to notify Areas of Responsibilities, (AORs) of critical deviations, ACES WEB gives our clients the ability to be emailed deviations in real time as they are discovered.
Does ARMCO offer different investment options to use ACES WEB?
Yes. We offer a 3-year ASP Pricing Model, 1-year Per-File Agreement, and a traditional 3-year Licensing Model in which the license is purchased upfront.
Does ARMCO offer data hosting services to save clients the infrastructure and expense required for hosting data?
Clients can host their own data on their own hardware and servers, or clients can choose to have ARMCO host for them. In this case, ARMCO guarantees security, uptime and reliability and saves clients the headaches and expense of hosting internally.
Does ARMCO charge for individual customer support?
No. ARMCO includes support charges in our package pricing. Charges are not accrued on an individual call basis.
Can you import an unlimited number of user-defined fields into ACES WEB?
Yes. ACES WEB imports field data via an XML import and users have the ability to specify new fields as they wish.
Does ACES WEB come with standardized Checklists/Questionnaires, Exceptions, Exception Ratings,
Loan Ratings, Re-verification Document templates?
Yes.
Can clients define their own Checklists/Questionnaires, Exceptions, Exception Ratings, Loan Ratings,
Re-verification Document templates?
Yes.
Can client have multiple Checklists/Questionnaires pending the type of audit they would like to
perform?
Yes. ACES Clients can have as many different Checklists/Questionnaires as they choose.
Can clients define their own stratified sampling procedures, automated targeted samples and statistical
sampling?
Yes.
Does ARMCO take advantage of Bar-Code technology for tracking of re-verification documents?
Yes.
Can ACES be setup to automatically rate the loans as a whole based on each clients definition of a
rating scale?
Yes.
Once the clients runs the ACES Sampling Model can the system automatically assign those loans to
client's analysts? Can client assign criteria why certain loans should be assigned to certain analysts?
Yes and Yes.
Can the client audit loans using a checklist/questionnaire and/or can a client add exceptions on the fly
without tying them to the checklist/questionnaire?
Yes.
When defining a checklist/questionnaire, can a client add a rule to a category or a question on whether
or not this category or question should be seen on a loan that has nothing to do with that section?
Yes
Can I generate any report I want in ACES? Does ACES come with standardized reports?
Yes and Yes. If you provide the field information to ACES, you can create almost an unlimited number of ACES reports. ACES has integrated Business Objects reporting, which is the most advanced and flexible business intelligence and reporting tool on the market. This gives clients complete flexibility to meet their reporting needs.
