ComplianceEase Expands Anti-Predatory Lending Compliance Suite to Automate Audits of Home Equity Lines of Credit.Business Editors/High-Tech Writers SAN FRANCISCO--(BUSINESS WIRE)--Oct. 20, 2003 A Real-Time, Industry-Standard Solution Utilizing Artificial Intelligence Technology ComplianceEase(R), a division of LogicEase Solutions Inc. (ComplianceEase), announced the launch of PA-HELOC(TM), the home equity line of credit (HELOC HELOC Home Equity Line Of Credit ) module for PredatorAnalyzer(TM) -- the industry-standard automated compliance system that enables mortgage lenders and secondary market investors to combat predatory lending practices. Jason Roth, vice president, explained, "Determining how anti-predatory lending legislation applies to HELOCs proves to be one of the more difficult compliance challenges facing the industry right now. Unfortunately, this is coupled with increased institutional risk due to assignee assignee (assign) n. a person to whom property is transferred by sale or gift, particularly real property. (See: assign) ASSIGNEE. One to whom an assignment has been made. 2. liability provisions implicating im·pli·cate tr.v. im·pli·cat·ed, im·pli·cat·ing, im·pli·cates 1. To involve or connect intimately or incriminatingly: evidence that implicates others in the plot. 2. potentially any party involved throughout the life of a mortgage. We combine industry and legal expertise with the leading-edge technology to provide a comprehensive solution for automating compliance with these new and challenging regulations." Donald Lampe, Esq., one of the leading authorities nationwide on anti-predatory lending laws and related issues, added, "The necessity for an automated compliance solution was recently amplified by new legislation governing HELOC lending in the heavily regulated states of North Carolina North Carolina, state in the SE United States. It is bordered by the Atlantic Ocean (E), South Carolina and Georgia (S), Tennessee (W), and Virginia (N). Facts and Figures Area, 52,586 sq mi (136,198 sq km). Pop. and Texas. Institutions must have systems and procedures in place to ensure that they don't violate any of those provisions." Mr. Lampe is a partner of Womble Carlyle Sandridge & Rice, PLLC PLLC Professional Limited Liability Company PLLC Polk Life and Learning Center (Bartow, FL) PLLC Partners of Limited Liability Corporation and general counsel to ComplianceEase. Mr. Roth noted that, with the refinancing boom slowing down, borrowers would be looking more and more to HELOCs as a way to leverage their home's equity while preserving their existing low rates. Roth added, "The increase in HELOC business will likely compel regulators to keep a particularly close eye on those types of products. It could lead to even more legislation in the coming year. The PA-HELOC(TM) product covers all such legislation, including the October 1, 2003 North Carolina anti-predatory lending restrictions on HELOCs and the constraints imposed by new allowances for HELOC lending in the Texas constitutional amendments that became effective September 29, 2003. The PA-HELOC(TM) module will continue to set the standard for automated compliance in the mortgage industry." About ComplianceEase(R) ComplianceEase, a division of LogicEase Solutions Inc., headquartered in San Francisco San Francisco (săn frănsĭs`kō), city (1990 pop. 723,959), coextensive with San Francisco co., W Calif., on the tip of a peninsula between the Pacific Ocean and San Francisco Bay, which are connected by the strait known as the Golden , Calif., is the premier provider of intelligent business solutions to 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. Its ComplianceEase Web-based platform provides the industry's first automated compliance solution utilizing advanced artificial intelligence 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 . ComplianceEase powers beginning-to-end solutions at a fraction of the time and cost of traditional approaches, while providing better accuracy and integrity. ComplianceEase also provides professional services (job) professional services - A department of a supplier providing consultancy and programming manpower for the supplier's products. , and consulting services. For more information on ComplianceEase, visit www.ComplianceEase.com. |
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