ComplianceEase's New FHA Offering Helps Mortgage Lenders Rebuild Sales Pipelines.ComplianceAnalyzer Ensures FHA Loans Requirements Are Met and Optimizes Lenders' Business Processes BOSTON -- ComplianceEase[R], a leading provider of compliance and risk management solutions for the financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. industry, announced today, at the Mortgage Bankers Association's 94th Annual Convention & Expo 2007, they expanded technology and services enabling lenders to originate higher-quality Federal Housing Administration Federal Housing Administration (FHA) Federally sponsored agency chartered in 1934 whose stock is currently owned by savings institutions across the United States. The agency buys residential mortgages that meet certain requirements, sells these mortgages in packages, and insures (FHA See Federal Housing Administration. FHA See Federal Housing Administration (FHA). ) insured mortgages more efficiently. ComplianceEase continues to empower the mortgage industry with solutions necessary to succeed in a turbulent market, with added functionality in its flagship product A primary product of a company, which is typically why the company was founded and/or what made it well known. For example, MS-DOS, Windows and the Microsoft Office suite have been flagship products of Microsoft. CorelDRAW is a flagship product of Corel Corporation. , ComplianceAnalyzer[R], and professional services focused on the origination and insuring of FHA loans. Even during what is arguably the worst housing slump in 16 years, many secondary market investors are willing to purchase loans with higher loan-to-value ratios and lower credit scores if they are FHA loans, which are insured by the U.S. Department of Housing and Urban Development (HUD Hud (h  d), a pre-Qur'anic prophet of Islam. Hud unsuccessfully exhorted his South Arabian people, the Ad, to worship the One God. ). In addition, the unprecedented FHA refinance program
will help some of the two million borrowers who are delinquent and in
default. HUD has indicated that it will continue efforts to modernize
and generally renovate its loan insurance programs to increase
homeownership opportunities for more Americans and to make FHA mortgages
a more attractive and more important financing option. While the
mortgage market in general is expected to continue experiencing a
downturn for the remainder of 2007 and into 2008, HUD forecasts an
increase in the quantity of FHA-insured loans.
"With the industry's slowdown, and the FHA stepping in to come to the rescue, agile lenders and investors will be able to turn their companies around and realize more business opportunities," explained John Vong, president of ComplianceEase. Specific FHA requirements testing within ComplianceAnalyzer assists lenders and investors to easily audit and pinpoint issues regarding disclosures, recalculation re·cal·cu·late tr.v. re·cal·cu·lat·ed, re·cal·cu·lat·ing, re·cal·cu·lates To calculate again, especially in order to eliminate errors or to incorporate additional factors or data. of APR APR See: Annual Percentage Rate , payment schedules, and calculation of FHA mortgage insurance premiums (MIP MIP See: Monthly income preferred security ), in addition to all of the applicable federal, state, and local regulatory compliance tests that are specific to how a lender is licensed at the state level. As an automated solution, ComplianceAnalyzer enables lenders to build a process that ensures compliance on loans insured by HUD and helps to close more compliant loans more efficiently. Together with its automated solution, ComplianceEase also offers a complete menu of professional services for new and existing FHA lending operations, including training, consulting, and quality control services. "FHA loans are back in vogue. The opportunity to find profit in an otherwise unprofitable market is expected to increase the overall FHA-insured loan volume," said Nina Travinsky, vice president of ComplianceEase. "HUD and investors alike will be closely monitoring the quality of loans that they insure and purchase; it will be critical to have the right tools to reduce errors and ensure that loans are eligible for FHA insurance." About ComplianceEase ComplianceEase, a division of LogicEase Solutions Inc., headquartered in the San Francisco Bay Area “Bay Area” redirects here. For other uses, see Bay Area (disambiguation). The San Francisco Bay Area, colloquially known as the Bay Area or The Bay , is a premier provider of intelligent business solutions to the financial services industry. ComplianceEase's web-based platform, ComplianceAnalyzer, is the mortgage industry's leading automated compliance solution. The ComplianceEase expert system utilizes advanced reasoning and decisioning technologies as well as natural language processing Natural language processing Computer analysis and generation of natural language text. The goal is to enable natural languages, such as English, French, or Japanese, to serve either as the medium through which users interact with computer systems such as to power beginning-to-end solutions in a fraction of the time and for a fraction of the cost of traditional approaches, while providing high levels of accuracy and integrity. ComplianceEase's significant and growing client base includes top tier mortgage lenders, banks, and Wall Street firms. The company is managed by a team of highly experienced and innovative mortgage professionals, and is funded by the First American Corporation
Officially referred to as The First American Corporation (FAC) , , the WI Harper Group, and the senior management team. For more information about ComplianceEase, please visit www.ComplianceEase.com. |
|
||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion