Georgia Mortgage Lenders Use Automated Solution from ComplianceEase to Guarantee Compliance with Myriad of Lending Laws.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 -- Atlanta Metro Originators Embrace ComplianceAnalyzer(TM) Automated Compliance Solution
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 GAFLA Georgia Fair Lending Act . 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 daunt
tr.v. daunt·ed, daunt·ing, daunts
To abate the courage of; discourage. See Synonyms at dismay.
[Middle English daunten, from Old French danter, from Latin compliance challenges and much more risk in the residential mortgage loan process."
According to according to
1. As stated or indicated by; on the authority of: according to historians.
2. In keeping with: according to instructions.
3. 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 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 South Carolina South Carolina, state of the SE United States. It is bordered by North Carolina (N), the Atlantic Ocean (SE), and Georgia (SW). Facts and Figures
Area, 31,055 sq mi (80,432 sq km). Pop. (2000) 4,012,012, a 15. . 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 “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.