EMC Mortgage Selects ComplianceEase to Detect Predatory Loans; Mortgage Company Sees Value in Automated Compliance Solutions.Business Editors 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 & IRVING, Texas--(BUSINESS WIRE)--March 31, 2003 ComplianceEase, a leading provider of intelligent business solutions, announced today that EMC (1) (EMC Corporation, Hopkinton, MA, www.emc.com) The leading supplier of storage products for midrange computers and mainframes. Founded in 1979 by Richard J. Egan and Roger Marino, EMC has developed advanced storage and retrieval technologies for the world's largest companies. Mortgage Corporation (EMC) has selected 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) for automated compliance solutions, particularly in anti-predatory lending prevention. EMC is a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of The Bear Stearns Companies Inc., one of the largest investment banking and securities firms in the United States. "Anti-predatory lending legislation has become one of the most significant regulatory compliance issues in the home lending industry; creating a significant burden and risk on lenders and secondary market investors to manage compliance risk and exposure," noted Willem Ridder, chief strategic officer of ComplianceEase. "The ComplianceEase applications are powerful and intelligent tools for EMC to use in our ongoing effort to ensure compliance with anti-predatory lending regulations across the nation," said Mike McClelland - vice president, 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. of EMC. "PredatorAnalyzer(TM) allows us greater control over the acquisition process, with this program we can conduct early and accurate compliance reviews on each loan. This critical information helps us make informed buying decisions. These tools not only add value to better risk management, but also better execution in the capital markets," Mike continued. About EMC Mortgage Corporation EMC Mortgage Corporation is a wholly owned subsidiary of The Bear Stearns Companies Inc. (NYSE NYSE See: New York Stock Exchange :BSC (Binary Synchronous Communications) See bisync. ). EMC Mortgage is a mortgage banking company specializing in the acquisition, 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. , servicing and disposition of commercial and residential loans. As part of its business, EMC buys distressed portfolios from corporations and government agencies, and transforms them into performing loans with established pay histories. Their proven success is built on a foundation of providing competitive pricing and excellent portfolio management. This disciplined focus has enabled EMC to grow from 10 employees in 1990 to more than 900 professionals today. For more information please visit www.emcmortgagecorp.com. About ComplianceEase ComplianceEase, a division of LogicEase Solutions Inc., has been a leading provider of intelligent business solutions to the financial services industry since 2000. 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's products and services include PredatorAnalyzer(TM), ComplianceAuditor(TM), BenefitAnalyzer(TM), professional services, and consulting services. For more information visit www.ComplianceEase.com. |
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