PriceMyLoan has announced an integration that enables lenders to use the PriceMyLoan platform to make automated underwriting and loan pricing decisions, while simultaneously relying on ComplianceEase to ensure loan-level compliance with thousands of Federal and state laws, including policies covering new loan originator compensation requirements. The new functionality gives PriceMyLoan customers seamless access to ComplianceAnalyzer.
“The combination of our products ultimately helps fulfill the goals we have set before us: to enable lenders to do more with less,” said Gigi Campbell, national sales director at PriceMyLoan.
ComplianceAnalyzer performs multi-jurisdictional audits on residential mortgage loans, instantly providing feedback on Home Ownership and Equity Protection Act (HOEPA Section 32 and 35) rules, Truth-in-Lending Act (TILA) provisions, state and municipal high-cost/anti-predatory lending laws and consumer credit regulations. The system also audits against various secondary market investor and government-sponsored enterprise (GSE) compliance guidelines, as well as internal lender policies, which include tests covering new loan originator compensation requirements.
The Web-based, real-time system enables lenders to shift from a traditional sampling and manual review process to an automated methodology that is more effective at identifying potential issues before they become more serious, and more expensive problems.
“We saw a natural synergy between ComplianceAnalyzer and PriceMyLoan,” said Jason Roth, senior vice president at ComplianceEase. “Both companies provide automated technology screening to expedite decision making during the loan origination process. With new Truth-in-Lending regulations that restrict loan originator compensation and forthcoming changes under the Dodd-Frank Act, loan pricing and loan-level compliance have become increasingly intertwined. ComplianceAnalyzer provides the same accuracy and efficiency for compliance that PriceMyLoan customers have become accustomed to for automated underwriting and loan pricing, boosting a lender’s QC and closing processes.”
The integration can seamlessly transfer a loan from PriceMyLoan to ComplianceAnalyzer, which then analyzes the loan information and generates a comprehensive report highlighting the loan’s risk level and provides details concerning potential violations or exceptions. ComplianceAnalyzer’s comprehensive audit reports are delivered to users directly within the PriceMyLoan system.
