Avista Solutions has announced its completion of a direct integration to ComplianceAnalyzer, an industry leading, automated compliance auditing solution from risk management solution company ComplianceEase. Avista Solutions and ComplianceEase have a number of mutual customers and this integration allows those customers to access the ComplianceAnalyzer solution directly from their Avista Agile LOS.
ComplianceAnalyzer provides real-time compliance audits at any point in the lending process, safeguarding them from potential loan risks. As part of recent electronic examination (e-Exam) initiatives, state regulators have been using ComplianceAnalyzer and other e-Exam tools to audit as much as 100 percent of licensees' loans in regulatory examinations. By leveraging integrated audits using the same auditing software, lenders can prepare in advance for their e-Exams.
ComplianceAnalyzer covers a full spectrum of government regulations, including the Home Ownership and Equity Protection Act (HOEPA), the Truth-in-Lending Act (TILA), Real Estate Settlement Procedures Act (RESPA), state and local anti-predatory lending laws, state license-based consumer lending regulations and secondary market investor and government-sponsored enterprise (GSE) compliance guidelines.
“Avista Solutions recognizes the importance of providing our customers with access to industry leading compliance tools,” Avista Solutions COO & CFO Jerry White said. “As the company behind robust tools that state banking and mortgage regulators rely on, ComplianceEase is a significant force in the mortgage industry and we are excited to now offer a seamless, system-to-system interface to their ComplianceAnalyzer solution.”
Avista customers who choose to sign up for ComplianceAnalyzer may utilize the tool to pinpoint a mortgage loan’s compliance risk factors, whether the loan is in the pre-close or post-close stage, with a single click and without leaving their Avista Agile LOS. ComplianceAnalyzer returns comprehensive, user-friendly audit reports to lenders within seconds. Each report features the industry standard RiskIndicator, a score that reflects a loan’s compliance risk, as well as quantitative analysis of thresholds and detailed qualitative overviews with narrative descriptions of regulatory requirements.
“Avista users can enjoy the best of both worlds with this seamless integration, continuing to use their LOS of choice, while managing compliance with ComplianceAnalyzer,” said ComplianceEase Senior Vice President Jason Roth. “Major secondary market investors use ComplianceAnalyzer to check every loan prior to purchase and state regulatory examiners are using it to audit as much as 100% of licensees’ portfolios. To safeguard their reputations and reduce financial risks, it makes a lot of sense for lenders to do the same.”