Mortgage Banking Systems Adds ComplianceAnalyzer to ProClose.MCLEAN, Va. -- Seamless, loan-level compliance audit with ComplianceEase's(R) intelligent Automated au·to·mate v. au·to·mat·ed, au·to·mat·ing, au·to·mates v.tr. 1. To convert to automatic operation: automate a factory. 2. Compliance System, ComplianceAnalyzer(TM) Mortgage Banking Systems, Inc., a leading provider of mortgage closing document services and technology, has added ComplianceAnalyzer(TM) from ComplianceEase(R) to its ProClose(R) platform. The ProClose document preparation system provides customers a broad library of investor and industry standard forms, electronic delivery of closing packages, extensive and customizable reports, as well as numerous third party software interfaces. The addition of ComplianceAnalyzer(TM) means ProClose now delivers one-click, seamless access to industry-leading compliance analysis technology, along with detailed compliance reporting capabilities--automatically integrated within the document closing process. Fidelity and Trust Mortgage, Inc., a nationwide mortgage lender, is an active user of the ComplianceAnalyzer(TM) module that is integrated with the ProClose electronic document preparation system. "The ProClose team did an excellent job of integrating ComplianceAnalyzer(TM) into a single, seamless interface. F&T is the first company to implement ComplianceAnalyzer(TM) as part of an electronic document preparation system. "We chose this software because it provided a Genesis upload See download. upload - /uhp'lohd/ To transfer programs or data over a digital communications link from a smaller or peripheral "client" system to a larger or central "host" one. Opposite: download. and it is web-based. This allows us to use the product without an interface. Also, it is simple to use, which makes our users happy," said Daniel Macy, quality control manager, Fidelity and Trust. "With new anti-predatory lending regulations being passed every day, we need a robust solution to keep us in compliance." ComplianceAnalyzer(TM) organizes results of compliance reviews into one easy-to-understand report, delivered through the ProClose document preparation system. The report provides threshold and variance The discrepancy between what a party to a lawsuit alleges will be proved in pleadings and what the party actually proves at trial. In Zoning law, an official permit to use property in a manner that departs from the way in which other property in the same locality analysis as well as individual itemizations of points and fees tests. With a single click, users can access a complete trail of compliance reviews across all applicable legislation and when potential violations are detected, the system gives narrative explanations. ComplianceAnalyzer(TM) reports reference the reasoning, calculations, citations, and text of relevant legislation in plain English Plain English (sometimes known, more broadly, as plain language) is a communication style that focuses on considering the audience's needs when writing. It recommends avoiding unnecessary words and avoiding jargon, technical terms, and long and ambiguous sentences. . The most common reason for investor repurchase re·pur·chase tr.v. re·pur·chased, re·pur·chas·ing, re·pur·chas·es To buy (something) again. n. The act of buying something that one previously sold or owned. Noun 1. requests is non-compliance with federal, state or local "high-cost," anti-predatory lending laws, state regulations and investor compliance guidelines guidelines, n.pl a set of standards, criteria, or specifications to be used or followed in the performance of certain tasks. . ComplianceAnalyzer(TM) organizes results of compliance reviews into one easy-to-understand screen. Additional screens provide specific detailed results of compliance reviews. With a single click, users can access a complete trail of compliance reviews. When potential violations or exceptions are detected, the system provides narrative explanations. ComplianceAnalyzer's(TM) reports easily reference reasoning, calculations, citations, and text of relevant legislation. "Mortgage originators that sell into the secondary market must take every precaution to minimize costly repurchases," advised Christine Kirby, president, Mortgage Banking Systems. "The overwhelming rise of state and local lending legislation has rendered obsolete OBSOLETE. This term is applied to those laws which have lost their efficacy, without being repealed, 2. A positive statute, unrepealed, can never be repealed by non-user alone. 4 Yeates, Rep. 181; Id. 215; 1 Browne's Rep. Appx. 28; 13 Serg. & Rawle, 447. the traditional, manual processes of auditing loans by hand or by using simple spreadsheet Simple Spreadsheet is a web-based spreadsheet program written in JavaScript, HTML, CSS and PHP. It features formulas, charts, formats, cell/row merging, cell locking, keyboard navigation, etc. applications," Kirby said. Nationwide expansion of anti-predatory laws has required that mortgage originators maintain robust, transaction-level compliance auditing, as well as efficient and accurate closing documents. ComplianceAnalyzer(TM) utilizes advanced 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 and rules-based decisioning to produce a single, high-detail loan-level audit report that analyzes a loan's compliance with all applicable federal, state and local regulatory compliance requirements Compliance requirements are a series of directives established by United States Federal government agencies that summarize hundreds of Federal laws and regulations applicable to Federal assistance (also known as Federal aid or Federal funds). . "Investor repurchase requests due to non-compliance with federal, state or local high-cost lending laws, state regulations and investor compliance guidelines is a major concern for originators today," said David Girling, Executive Vice President for ComplianceEase. "ProClose users will have access to the market leading compliance solution which through a seamless data capture process, allows users to take greater control of their mortgage auditing process, mitigate mit·i·gate v. To moderate in force or intensity. mit  i·ga tion n. compliance risks and prepare loans for sale into the
secondary markets."
As of the end of 2004, there are 33 states and municipal districts with "high-cost" lending laws, in addition to existing federal laws and other state regulations. Many of these state high-cost laws incorporate 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 relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc damages and fines associated with non-compliance. The issue of assignee liability has dramatically raised the stakes for investors, forcing the investment and credit rating community to encourage the use of automated compliance. In Fitch's November 13, 2003 report, the rating agency asserted that, "an originator's use of a technology-based filter in the compliance process is viewed positively by Fitch fitch: see polecat. . In fact, Fitch cannot provide credit for the compliance process without it." About Mortgage Banking Systems Headquartered in McLean, Va., Mortgage Banking Systems specializes in mortgage lending software for small to mid-sized mortgage companies and community banks nationwide. Its signature product, ProClose gives lenders control over their own closing documents and provides an extensive library of lender and industry-specific forms and customized reporting capabilities, creating accurate, compliant closing documents with secure electronic delivery. A staff of mortgage and technical professionals support lenders nationwide with strict regulatory standards, ensuring that all documents in its vast library meet all legal compliance guidelines. Customized reports and strong investor relationships help Mortgage Banking Systems meet the unique needs of its lenders and deliver on its commitment to 100 percent customer satisfaction. For more information, visit www.ProClose.com. About ComplianceEase 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 , CA-based ComplianceEase, a division of LogicEase Solutions Inc., 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. The ComplianceEase platform is the industry's first automated compliance solution to utilize 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. For more information, visit www.ComplianceEase.com. |
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