ComplianceEase has announced that it has acquired the assets of Mortgage Banking Systems (d/b/a ProClose) of McLean, Va., a provider of mortgage document preparation and closing software solutions for financial institutions. The acquisition, which has been completed, will enable ComplianceEase to create a comprehensive and innovative solution that will help residential mortgage lenders comply with the TILA-RESPA Integrated Disclosure (TRID) rule that takes effect Aug. 1, 2015. The Consumer Financial Protection Bureau’s (CFPB) new TRID rule will mandate new forms, the Loan Estimate and Closing Disclosure, and set new disclosure timelines and fee tolerances that must be followed in order to not trigger re-disclosure requirements.
For the past 10 years, ComplianceEase and ProClose have partnered to deliver an integrated closing solution, known as ProClose Platinum, that drew from ComplianceEase’s enterprise-class compliance risk management expertise and ProClose’s advanced cloud-based document preparation system. As a result of this transaction that solution is being rebranded as SmartCloser.
The entire ProClose team is joining ComplianceEase. Christine Kirby, CEO and president of ProClose, will become vice president of ComplianceEase. No other terms of the transaction were announced.
“While SmartCloser ensures that disclosures and closing documents are compliant, ComplianceAnalyzer continuously audits loan terms so that every transaction can be originated and closed in compliance with federal and state regulations,” said Kirby. “The combined solution provides ProClose’s clients and the rest of the industry with a unified platform for mortgage compliance. There isn’t a better, more dynamic or comprehensive compliance platform in the industry, and we are elated to bring our valued clients and strategic partners into the ComplianceEase family.”
“ComplianceEase has always been focused on providing our clients with comprehensive solutions that lower risk, improve productivity and reduce cost,” said John Vong, president and co-founder of ComplianceEase. “By adding a best-of-breed document platform to our suite of automated compliance products, we will be able to respond to all of the regulatory changes on the horizon, including the TRID rule, enabling lenders to focus on their core business.” Vong continued, “Adding SmartCloser to our suite of solutions will allow our users to receive updates regarding any last minute changes that occur in the loan closing process, before these changes trigger re-disclosure requirements. So they’ll no longer need to rely on ‘eyeballing’ to compare disclosure and closing docs. Now it will occur automatically and seamlessly.”
