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ComplianceEase acquires Mortgage Banking Systems assets.

M2 EQUITYBITES-April 2, 2015-ComplianceEase acquires Mortgage Banking Systems assets


ComplianceEase said it has acquired Mortgage Banking Systems (MBS) assets that are expected to enable residential mortgage lenders to comply with the TILA-RESPA integrated disclosure (TRID) rule. The new rules goes into effect August 1, 2015.

Consumer Financial Protection Bureau's (CFPB) new TRID rule mandates new forms, the Loan Estimate and Closing Disclosure, and sets new disclosure timelines and fee tolerances that must be followed in order to not trigger re-disclosure requirements.

For the past 10 years, ComplianceEase and MBS mortgage-closing document provider ProClose have partnered to deliver an integrated closing solution, known as ProClose Platinum, that drew from ComplianceEase's enterprise-class compliance risk management expertise and ProClose's advanced cloud-based document preparation system. As a result of this transaction that solution is being rebranded as SmartCloser.

The entire ProClose team is joining ComplianceEase. Christine Kirby, CEO and president of ProClose, will become vice president of ComplianceEase. No other terms of the transaction were announced.

?Mortgage Banking Systems specializes in cloud-based closing document software for mortgage companies.

ComplianceEase is the nation's leading provider of automated compliance solutions to the financial services industry.

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Publication:M2 EquityBites (EQB)
Date:Apr 2, 2015
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