ComplianceEase Launches Technology Solutions Together With State Mortgage/Banking Regulators to Automate Regulatory Exams.Regulators to Set the Standard for the Future of Examinations Through Greater Efficiency and Reduced Time and Costs for Financial Institutions MINNEAPOLIS -- ComplianceEase([R]), the nation's leading provider of automated compliance solutions announced today at the American Association American Association refers to one of the following professional baseball leagues:
CSBS Clinical Standards Board for Scotland CSBS Canadian Society of Biblical Studies CSBS California State Button Society CSBS CONUS Support Based Services CSBS Colorado State Button Society ) to provide baseline as well as customized state agency-specific audits as the examination automation component of the Model Examination Guidelines guidelines, n.pl a set of standards, criteria, or specifications to be used or followed in the performance of certain tasks. initiative. In the middle of 2007, in the wake of the mortgage meltdown meltdown Occurrence in which a huge amount of thermal energy and radiation is released as a result of an uncontrolled chain reaction in a nuclear power reactor. The chain reaction that occurs in the reactor's core must be carefully regulated by control rods, which absorb , CSBS helped establish the Model Examination Guidelines (MEGs) for state regulators to use as a set of recommended standards for their members' examination processes. The MEGs comprised five different modules, the fifth of which was intended to provide an "efficient tool to mechanize mech·a·nize tr.v. mech·a·nized, mech·a·niz·ing, mech·a·niz·es 1. To equip with machinery: mechanize a factory. 2. certain mundane and repetitive examination functions." As such, ComplianceEase's flagship automated compliance system ComplianceAnalyzer([R]) was chosen as the examination automation tool for the fifth module, following an eight-month evaluation and selection process by a taskforce representing fourteen state agencies. "We've been very pleased to work with ComplianceEase on this initiative. This has far reaching implications for the way regulators and financial institutions will be able to approach what has been, in the past, a time-consuming and cost-prohibitive process," said Chuck Cross, Vice President of Mortgage Regulatory Policy at CSBS. "Technology and automated solutions have become essential elements for CSBS to leverage as we seek new ways to standardize stan·dard·ize v. 1. To cause to conform to a standard. 2. To evaluate by comparing with a standard. and improve regulatory supervision while streamlining the examination process for institutions and for regulators. ComplianceEase has helped us to achieve a very specific goal of our 'Improving Mortgage Industry Supervision Through Collaboration and Technology' initiative," Cross added. Traditional examinations involve a "sampling" approach when reviewing loan portfolios. While well understood and accepted as the present standard for examinations, a sample is still a sample, and it relies on a small subset of loans to serve as a statistical representation of the whole. Automated compliance has fostered a new approach, enabling review of 100 percent of loan production and loan portfolios to improve accuracy, coverage and enforcement. At the same time a more automated process saves time and costs for regulators and lenders alike. Advanced technology will bring regulatory bodies and institutions closer so that both can serve more efficient and more effective roles in the regulatory process. These initiatives represent the wave of the future for regulatory supervision. Instead of the old method of combing combing, process that follows carding in the preparation of fibers for spinning, lays the fibers parallel, and removes noils (short fibers). The modern combing machine is a specialized carding machine. through a handful of paper files hoping to identify issues, ComplianceAnalyzer can scan through hundreds of loans in a matter of minutes A Matter of Minutes is an episode from the television series The New Twilight Zone. Cast
"We are very excited to be working with CSBS and state regulators on the examination automation initiative. The goal is to achieve efficiency, effectiveness, uniformity and standardization standardization In industry, the development and application of standards that make it possible to manufacture a large volume of interchangeable parts. Standardization may focus on engineering standards, such as properties of materials, fits and tolerances, and drafting , while reducing the cost and burden to regulators and the industry," said Michael Chan, Vice President of ComplianceEase. "Financial institutions know that they need to be prepared for major regulatory changes and tougher regulations in the near future. It's critically important for institutions to determine the best regulatory strategies, particularly given the present economic landscape," noted Chan. A stricter regulatory environment is forthcoming as part of the continuing response to the mortgage crisis. Financial institutions of all sizes will continue to face the challenge of ever changing laws and regulations. In order to fully understand the operational risks, loan level reviews are necessary in order to safeguard institutions' assets as well as to protect the consumer. As the industry struggles to regain its footing, automation of the examination cycle will help to minimize examination costs for both regulators and for financial institutions. The cost savings, coupled with the time savings of an automated review process make ComplianceEase's solutions a win for all parties involved. Most importantly Adv. 1. most importantly - above and beyond all other consideration; "above all, you must be independent" above all, most especially , improved enforcement in the mortgage industry will no doubt help to restore the confidence of investors and consumers. About Conference of State Bank Supervisors The Conference of State Bank Supervisors (CSBS) is the nationwide organization for state banking, representing the bank regulators of the 50 states, the District of Columbia District of Columbia, federal district (2000 pop. 572,059, a 5.7% decrease in population since the 1990 census), 69 sq mi (179 sq km), on the east bank of the Potomac River, coextensive with the city of Washington, D.C. (the capital of the United States). , Guam, Puerto Rico Puerto Rico (pwār`tō rē`kō), island (2005 est. pop. 3,917,000), 3,508 sq mi (9,086 sq km), West Indies, c.1,000 mi (1,610 km) SE of Miami, Fla. and the Virgin Islands, and approximately 6,200 state-chartered financial institutions. CSBS also is responsible for improving the quality of state bank supervision by providing department performance evaluation Performance evaluation The assessment of a manager's results, which involves, first, determining whether the money manager added value by outperforming the established benchmark (performance measurement) and, second, determining how the money manager achieved the calculated return and accreditation programs and supervisory education/training programs for state banking department personnel. For more information about CSBS, visit www.csbs.org. 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 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. 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 four of the top five 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 www.ComplianceEase.com. |
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