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StreetLinks Appraisal partners with Encompass

National Mortgage Professional
May 04, 2009

ComplianceEase launches comprehensive, web-based HMDA and CRA compliance risk management solutionMortgagePress.comComplianceEase, compliance solutions, risk management solutions, HMDA Analyzer, CRA Manager ComplianceEase, a provider of compliance and risk management solutions for the financial services industry, has announced the launch of HMDA Analyzer and CRA Manager, enterprise-class solutions that enable mortgage lenders to manage the analysis and reporting that is required by the Home Mortgage Disclosure Act (HMDA) and the Community Reinvestment Act (CRA). The new offerings are the only hosted and web-based HMDA and CRA solutions in the industry that can deliver all of the functionality needed by originators of all sizes--with no need for ongoing in-house IT hardware maintenance and software updates. The new solutions will enable the industry to ensure data integrity, edit loan records, conduct dynamic analysis, and generate the Loan Application Register (LAR) and other reports for regulators from anywhere, using only a web browser. "At ComplianceEase we believe that the most cost-effective way to deliver mortgage services, and risk-management solutions in particular, is through an internet-hosted software-as-a-service business model," said Jason Roth, senior vice president of product development at ComplianceEase, "We partnered with experts in the fields of HMDA/CRA and Fair Lending and are leveraging their experience and technology to deliver solutions that are completely web-based, yet don't require lenders to sacrifice capabilities in order to realize the benefits of on-demand software. The technology behind our HMDA and CRA solutions is currently in use by more than 20 financial institutions, including one of the top ten bank originators in the country." The current economic turmoil continues to foster a more dynamic and rigorous regulatory environment in the financial services industry. At the same time, an unpredictable mortgage market means that financial institutions need to manage costs more carefully than ever. These trends increasingly have put pressure on legacy desktop and client/server HMDA and CRA software, which impose ongoing hardware and personnel costs over time to keep pace with changing business and regulatory requirements from the Federal Financial Institutions Examination Council (FFIEC) and other regulatory agencies. Donald Lampe, partner at Womble Carlyle Sandridge and Rice PLLC and noted mortgage industry compliance expert, explained the importance of stepping up lending controls. "Now lawmakers and regulators are paying much more attention to lending operations and loan-level compliance, especially in the areas of predatory and unfair lending practices. Of course, regulators are adapting their examination and enforcement priorities accordingly. More than ever, lenders and other market participants must fully understand their lending operations from the perspective of the regulators before they are examined. The regulators call it 'self-examination' but the truth is it's simply a necessary part of doing business today." Both HMDA Analyzer and CRA Manager utilize advanced Geocoding and visual presentation technologies, offering several unique benefits aimed at giving institutions a better picture of their lending operations. Dynamic geographic mapping allows users to create maps on the fly that illustrate their lending patterns in particular areas. Built-in reports can be run as-is or customized in real-time. By examining their own lending patterns, as well as comparing those patterns to their peers in any geographic location, the solutions allow institutions to greatly improve the ongoing management of their lending operations and progress towards lending goals. The solutions also feature industry-leading analytics, such as the capability to analyze borrower names to ensure that gender was properly reported. Since both solutions are delivered through a completely web-based interface, institutions can get up and running in a matter of hours, instead of days or weeks. It is essential for mortgage lending solutions to be able to adjust quickly to changing requirements and nowhere is that more important than with solutions to manage regulatory compliance. John Vong, president of ComplianceEase, added, "By introducing our industry-leading Web-based ComplianceAnalyzer solution more than seven years ago, ComplianceEase eliminated the need for lenders to maintain disparate in-house loan-level compliance software. In the same way, HMDA Analyzer and CRA Manager bring HMDA and CRA compliance together in one place as an enterprise web-based solution that removes the burden of ongoing maintenance and update costs, allowing institutions to access the full range of features from wherever they have a web browser and an internet connection." For more information, visit
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