New Solution Helps Lenders Comply with Upcoming TILA-RESPA Rule, as well as QM and High Cost Loan Requirements
CoreLogic® announced the release of LoanSafe Compliance Manager™, a new solution to help lenders comply with a broad array of federal, state and local residential mortgage lending regulations, including the TILA-RESPA Integrated Disclosure (TRID) rule when it takes effect Aug. 1, 2015.
LoanSafe Compliance Manager is powered by ComplianceEase®, the nation’s leading provider of automated compliance solutions to the financial services industry, and is a new part of the industry leading LoanSafe® mortgage risk management suite from CoreLogic. ComplianceEase recently announced that its flagship product ComplianceAnalyzer® with TRID Monitor™ is now able to audit and monitor all the new TRID disclosures from the initial Loan Estimate through the Closing and Post-Consummation Closing Disclosures.
Building on ComplianceAnalyzer’s capabilities, LoanSafe Compliance Manager performs multi-jurisdictional compliance audit reviews covering:
- TRID
- Home Ownership and Equity Protection Act (Sections 32, 35)
- Loans ineligible for Qualified Mortgage (QM)
- State and municipal high-cost / anti-predatory laws and regulations
- Loan originator compensation restrictions
- State license-based consumer lending laws and regulations
- Secondary market investors’ and GSEs’ compliance guidelines
- Lenders’ internal compliance policies
LoanSafe Compliance Manager helps lenders easily identify and address loan-level regulatory compliance issues by delivering alerts and summary reports supported by detailed analyses. When it encounters a potential issue, LoanSafe Compliance Manager alerts the user and references the reasoning, calculation and/or regulation behind the issue. This allows staff and management to proactively monitor and resolve issues in real time. LoanSafe Compliance Manager also delivers exception handling and reporting, exportable management reports and audit reports that can provide comprehensive evidence of an independent compliance review to secondary market investors and regulators.
About ComplianceEase®: Headquartered in the Silicon Valley, ComplianceEase, a division of LogicEase Solutions Inc., is a leading provider of risk management solutions to the financial services industry. ComplianceEase’s patented platform includes ComplianceAnalyzer®, the mortgage industry’s most adopted automated compliance solution. ComplianceEase combines regulatory expertise with innovative technology to power end-to-end risk management solutions that help financial institutions improve compliance controls and increase profitability. The company’s growing client base includes financial institutions, service providers, law firms, GSEs and three of the top five mortgage lenders in the U.S. ComplianceEase’s automated compliance solutions have also been adopted as e-Exam tools by federal and state banking and mortgage regulators. For more information, please visit ComplianceEase.com.
Source: CoreLogic Press Release
