ComplianceEase Announces Technology Solutions to Add Greater Protection to U.S. Residential Mortgage-Backed Securities Due Diligence.ComplianceAnalyzer LIFT will Provide Rated Structured Finance Transactions with Enhanced Monetary Protection Through Loan-Level Compliance Warranty LAS VEGAS Las Vegas (läs vā`gəs), city (1990 pop. 258,295), seat of Clark co., S Nev.; inc. 1911. It is the largest city in Nevada and the center of one of the fastest-growing urban areas in the United States. -- ComplianceEase([R]), the nation's leading provider of risk management solutions for the residential mortgage industry, announced at the American Securitization Securitization The process of creating a financial instrument by combining other financial assets and then marketing them to investors. Notes: Mortgage backed securities are a perfect example of securitization. May also be spelled as "securitisation. Forum's ASF See Windows Media formats. 1. (language) ASF - Algebraic Specification Language. 2. (body) ASF - Analytical Solutions Forum. 2009 Conference a new regulatory compliance risk mitigation solution called ComplianceAnalyzer([R]) LIFT (Legal Integrity for Financial Transactions), which meets the new compliance due diligence Research; analysis; your homework. This term has caught on in all industries, because it sounds so "wired." Who would want to do analysis or research when they can do due diligence. See wired. criteria announced by the various credit rating agencies Credit Rating Agencies Firms that compile information on and issue public credit ratings for a large number of companies. in late 2008. Furthermore, this next-generation compliance risk mitigation solution is now available through all major firms that conduct independent third-party due diligence on residential mortgage-backed securities (RMBS RMBS Residential Mortgage-Backed Securities RMBS Rambus, Inc. (NASDAQ stock symbol) RMBS Russian Mortgage-Backed Securities ) transactions. Recent announcements from credit rating agencies, including Moody's Investors Service Moody's Investors Service A leading global credit rating, research and risk analysis firm. Moody's Investors Service A leading firm engaged in credit rating, risk analysis, and research of fixed-income securities and their issuers. , Standard and Poor's Noun 1. Standard and Poor's - a broadly based stock market index Standard and Poor's Index , and Fitch Ratings Fitch Ratings An international rating agency for financial institutions, insurance companies, and corporate, sovereign, and municipal debt. Fitch Ratings has headquarters in New York and London and is wholly owned by FIMALAC of Paris. , introduced new requirements for due diligence performed on rated U.S. residential mortgage-backed securities transactions. The new rating agency requirements are, in large part, a response to due diligence reforms stipulated in agreements between the nation's principal credit rating agencies and the Attorney General of the State of New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of in June of 2008. ComplianceEase's compliance risk mitigation solution meets and exceeds the new rating standards, enabling the industry to immediately implement the required level of compliance due diligence. The new due diligence requirements for rated transactions detail the need for loan-level regulatory compliance audits that cover all applicable Federal, state and municipal mortgage lending laws and regulations. They also set forth minimum standards for maintenance of compliance technology that is employed as part of implementing that loan-level due diligence review. Under the new standards, compliance due diligence on rated RMBS transactions must be monitored by competent legal staff. Specifically, an independent legal opinion letter must certify that periodic reviews have been performed on the compliance technology and audit criteria that are used by due diligence firms. ComplianceAnalyzer is already the mortgage industry's compliance solution of choice, widely used by industry participants and regulators alike. From its initial release more than seven years ago, ComplianceAnalyzer has been continuously updated with the latest mortgage laws and regulations and developed and reviewed by numerous internal and external expert legal counsel. ComplianceAnalyzer LIFT is powered by enhanced core compliance audit technology that meets additional certifications required by the new rating agency requirements. It also includes the exclusive investor-transferable loan-level insurance-backed AssureCert([R]) warranty, making the solution the industry's only complete compliance risk mitigation solution designed for a new era of due diligence requirements. "There are literally hundreds of lending laws in effect across the nation today. The associated penalties and costs to cure for non-compliance are very costly, especially when the loans are part of structured finance transactions," said Mark Hughes This article is about the Welsh footballer. For other people with the same name, see Mark Hughes (disambiguation). Leslie Mark Hughes OBE (born November 1, 1963 in Ruabon, Wrexham, Wales), nicknamed Sparky , vice president of due diligence solutions at First American First American may refer to:
With the secondary mortgage market now mostly frozen due to uncertainty and a perceived lack of transparency, quantifying and mitigating areas of regulatory compliance risk are among the top priorities for mortgage lenders, bond issuers, and investors. Moreover, constantly changing provisions in mortgage lending legislation have forced the Capital Markets to turn to independent, third-party technology to implement compliance due diligence. Its pervasive adoption among due diligence providers has shown that ComplianceAnalyzer LIFT is one of the most effective ways to address the regulatory risks faced by the industry. This unique solution is poised to play a key role in helping to restore the mortgage market's credibility. Leading third party due diligence firms leveraging ComplianceAnalyzer LIFT as part of their independent audit services include: * ADFITECH * Allonhill * BSI BSI - British Standards Institute Financial Services * CrossCheck cross·check tr.v. cross·checked, cross·check·ing, cross·checks 1. To verify by comparing with parallel or supplementary data. 2. Compliance * Digital Risk * EdgeMAC * First American CoreLogic * FISERV Portfolio Services * Franklin Credit Management Corporation * Global Finance Review * Interactive Asset Services (IAS See iPlanet Application Server. 1. (computer) IAS - The first modern computer. It had main registers, processing circuits, information paths within the central processing unit, and used Von Neumann's fetch-execute cycle. ) "ComplianceAnalyzer LIFT has been pivotal for us to meet the rating agencies' evolving regulatory criteria and, as a result, provide superior service to our clients," said Sue Allon, founder and chief executive officer of Allonhill, a mortgage due diligence company. "This comprehensive auditing system streamlines the compliance process, saving our clients time and money in avoiding potentially costly issues with non-compliant assets." ComplianceAnalyzer LIFT goes beyond the minimum requirements for compliance due diligence on rated transactions by also providing monetary protection against regulatory compliance losses from $25,000 to $250,000 per loan. The offering's insurance-backed warranty, AssureCert, covers losses associated with fines, settlements, refunds, and related costs resulting from loan-level compliance deficiencies. Monetary coverage extends to all regulatory tests in the scope of the ComplianceAnalyzer LIFT audit certificate, including all Federal, state, and municipal high cost and anti-predatory lending regulations, Federal Truth-in-Lending requirements, and state consumer credit laws and regulations. The solution greatly expands upon traditional representations and warranties, adding to the scope of consequences that investors can protect themselves against, including monetary risks from rescission The abrogation of a contract, effective from its inception, thereby restoring the parties to the positions they would have occupied if no contract had ever been formed. By Agreement , examiner fines and penalties, costs to cure defects, and litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. expenses. AssureCert also covers losses from compliance violations that affect secondary market transactions, which can result in costly loan repurchases. The unique warranty even addresses the potential for differences in interpretations of laws and regulations that are covered by ComplianceAnalyzer LIFT. Warranty protection can be transferred to investors, and claims can be made up to five years after issuance of audit certificates. AssureCert is available exclusively from ComplianceEase and is underwritten by leading stable insurers that do not issue mortgage insurance and are rated "A-" or higher by A.M. Best. Jason Roth, senior vice president of product development at ComplianceEase explained, "Although the markets are experiencing great challenges today, we maintain a forward-thinking strategy regarding automated risk management. We will continue to lead the market by introducing innovative solutions like ComplianceAnalyzer LIFT that not only address timely issues such as the new credit rating agency A credit rating agency (CRA) is a company that assigns credit ratings for issuers of certain types of debt obligations. In most cases, these issuers are companies, cities, non-profit organizations, or national governments issuing debt-like securities that can be traded on a due diligence criteria but also help rebuild confidence in the mortgage industry. Our focus right now is on providing transparency and risk mitigation to help transform the way that the mortgage industry operates. To that end, we believe that ComplianceAnalyzer LIFT will be true to its name, helping to lift investors' confidence in the mortgage industry." 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 patented platform includes ComplianceAnalyzer - the mortgage industry's leading automated compliance solution. ComplianceEase combines industry and regulatory compliance expertise with innovative technology 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 4 of the top 5 mortgage lenders in the nation, and over 250 financial institutions, service providers, and regulators. Managed by a team of highly experienced and innovative mortgage professionals, the company 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, visit ComplianceEase.com. |
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