Georgia Mortgage Lenders Use Automated Solution from ComplianceEase to Guarantee Compliance with Myriad of Lending Laws.
Two mortgage lenders, American Freedom Mortgage, Inc. and BayRock Mortgage Corporation announced today that ComplianceEase's ComplianceAnalyzer(TM) automated compliance solution has improved the efficiency of their companies' compliance review with all required federal, state and municipal lending regulations. American Freedom Mortgage, Inc. and BayRock Mortgage Corporation use ComplianceAnalyzer during their pre-closing reviews and during post-funding audits.
The success of ComplianceAnalyzer represents a noteworthy adoption of automated technology within Georgia, a state with numerous lending laws. In addition to federal lending legislation, Georgia mortgage originators must comply with Georgia State licensing laws and the Georgia Fair Lending Act or GAFLA. All combined, these regulations represent more than 125 specific rules in Georgia alone that regulate specific loan terms.
ComplianceEase's regulatory counsel, Donald Lampe, of Charlotte, NC-based, Womble Carlyle Sandridge & Rice, represented the lending industry in the amendment of GAFLA last year. He commented, "Even the amended Georgia law creates daunting compliance challenges and much more risk in the residential mortgage loan process."
According to Tamara L. Burch, president of American Freedom, maintaining compliance to lending regulations is integral to customer relationships. "American Freedom Mortgage, Inc. is committed to providing exceptional customer service and full compliance with all applicable local, state and federal laws and regulations. In achieving these goals, American Freedom Mortgage, Inc. is using ComplianceAnalyzer as one of its internal controls to better serve its customers and to comply with fair lending and state licensing laws."
Many other Southeastern states have rigorous fair lending laws including Arkansas, Florida, and North Carolina and South Carolina. For lenders like American Freedom Mortgage Inc. and BayRock Mortgage Corporation, lending in multiple states presents unique challenges. According to BayRock Mortgage Corporation's compliance officer, Thomas O'Neil, ComplianceAnalyzer is a major asset when lending in multiple states. "ComplianceEase enables BayRock Mortgage to manage the increasingly complicated set of state and local predatory lending laws and regulations," said O'Neil. "With ComplianceAnalyzer, our Closers can turn to an automated solution that we are confident will be up-to-date and in seconds give BayRock the correct analysis."
Built Around Loan Correspondents
ComplianceAnalyzer provides additional benefits to lenders like American Freedom Mortgage, Inc. and BayRock Mortgage Corporation that sell loans in the secondary market by providing investor and rating agency guidelines built directly into ComplianceAnalyzer. "The majority of our clients are lending correspondents like BayRock and American Freedom," said Lampe. "They face the unique challenge of having to originate loans in accordance to numerous investor guidelines, in addition to all federal, state and local legislation in order to be successful in the secondary market."
ComplianceEase, a division of LogicEase Solutions Inc., headquartered in San Francisco, California, is a premier provider of intelligent business solutions to the financial services 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. 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 and consulting services. For more information on ComplianceEase, visit www.ComplianceEase.com.
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|Date:||Nov 16, 2004|
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