ComplianceEase Offers System Essential to Doing Business Effectively in the Secondary Market.Business Editors/High-Tech Writers SAN FRANCISCO--(BUSINESS WIRE)--Feb. 23, 2004 A Real-Time, Industry-Standard Solution Utilizing Artificial Intelligence Technology ComplianceEase, a division of LogicEase Solutions Inc. (ComplianceEase(R)), announced today that 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. -- PredatorAnalyzer(TM), the industry-standard automated compliance system, provides a very effective and efficient tool to help satisfy criteria of rating agencies when aggregating loans into residential mortgage-backed securities Residential mortgage-backed securities (RMBS) are a type of bond commonly issued in American security markets. They are a type of Mortgage-backed security which are backed by mortgages on residential rather than commercial real estate. (RMBS RMBS Residential Mortgage-Backed Securities RMBS Rambus, Inc. (NASDAQ stock symbol) RMBS Russian Mortgage-Backed Securities ). A growing number of major mortgage lenders have now turned to technology-based filters in their regulatory compliance process. This is largely because most rating agencies now require the exclusion of certain types of loans from RMBS transactions in order for the transactions to be rated. The agencies have imposed these new requirements in order to address 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 and uncapped damages language in certain pieces of legislation. Given the large and growing number of states for which rating agencies require additional procedures, many lenders need automated solutions to manage compliance. Well-known mortgage industry lawyer and ComplianceEase advisory board member Wright Andrews noted, "Without adequate measures to ensure compliance, many lenders are having to reduce or even eliminate significant portions of their business in high-risk states such as New Jersey. Cost-effective automated compliance solutions like ComplianceEase's provide industry with essential new tools to address these compliance challenges." With numerous calculations required for each loan and a continually growing list of affected jurisdictions, lenders and security issuers must turn to advanced technology in order to continue doing business in the secondary market. Jason Roth, vice president of product development, explained, "In their special report, 'Can You See Me Now? -- Screening for RMBS Predatory Lending Loans,' 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. stated that they could not provide credit for an originator's compliance process without the originator's use of a technology-based filter. Fitch's position is causing more companies to turn to such automated solutions." Addressing the benefits of using the ComplianceEase solutions as an independent audit, Roth added, "Because our system does a complete 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 all of the terms of a loan in addition to detecting high-cost and potentially predatory loans, it functions just like a third-party performing due-diligence by hand; but does so more accurately, in a fraction of the time, and at a lower cost than most due-diligence companies. Fitch very clearly states that they see independent due-diligence as more valuable than in-house diligence, so PredatorAnalyzer(TM) is the most sensible way to satisfy those requirements." With augmented procedures required by the secondary market and institutions closing up shop entirely in some states, there is now a clear competitive advantage to using ComplianceEase's suite of solutions. Now that Fitch and other rating agencies are aware of the power of an automated compliance solution, the industry is likely to start seeing reduced credit enhancement Credit Enhancement A method whereby a company attempts to improve its debt or credit worthiness. Notes: Credit enhancements take many different forms. An example of a credit enhancement would be conversion rights added on to a debt instrument in order to lower the issuing levels for employing such a solution. David Girling, executive vice president of sales and marketing, noted, "There may very well be a business opportunity waiting to be developed in jurisdictions like New Jersey. An institution armed with technology solutions from ComplianceEase will be at an advantage in the marketplace when it comes to secondary market requirements and doing business in higher-risk jurisdictions. The bottom line is that the return on investment could be huge." About ComplianceEase(R) ComplianceEase, a division of LogicEase Solutions Inc., headquartered in San Francisco, California “San Francisco” redirects here. For other uses, see San Francisco (disambiguation). The City and County of San Francisco (EN IPA: [sænfrənˈsɪskoʊ] , 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. Its ComplianceEase platform provides the industry's first automated compliance solutions 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 the 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 Noun 1. consulting service - service provided by a professional advisor (e.g., a lawyer or doctor or CPA etc.) service - work done by one person or group that benefits another; "budget separately for goods and services" . For more information on ComplianceEase, visit www.ComplianceEase.com. |
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