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 www.complianceease.com
