, an Accenture company, has integrated its ComplianceAnalyzer product with the Enterprise Lending Center (ELC), Mortgage Cadence's proprietary loan origination platform. The integration enables ELC users to systematically audit loans for regulatory compliance without leaving the platform.
ELC facilitates lending for forward and reverse mortgages in retail, wholesale and correspondent lending channels and across a multitude of mortgage products, including home equity lines of credit. The integration of ComplianceAnalyzer provides a comprehensive, real-time auditing and monitoring solution within the ELC.
"The cost to produce a loan has been on the rise, largely because of compliance demands that have given way to inefficiencies and slower speed to close for many lenders," said Trevor Gauthier, Mortgage Cadence's President and Chief Operating Officer. "Mortgage Cadence is committed to providing lenders with the tools to help solve for these increased compliance demands, and our integration with ComplianceAnalyzer will do just that."
ComplianceAnalyzer enables lenders of all sizes to improve asset quality and value, reduce compliance risk, negotiate better execution with secondary market investors, and capture the data needed to prepare lenders for regulatory exams.
The solution performs audits for federal high-cost and higher-priced loan regulations, the Secure and Fair Enforcement for Mortgage Licensing Act, state high-cost and anti-predatory regulations, and state license-based consumer lending laws and regulations, as well as compliance guidelines from secondary market investors and government-sponsored enterprises. It also performs TRID, RESPA 2010 and pre-2010 forms tests to validate California's per diem interest calculations, a key differentiator in the market, as compliance for California originators remains a top priority to avoid penalties and fees.
"Our automated loan-level compliance technology helps lenders comply with federal and local regulations and minimize operational risks," said John Vong, ComplianceEase's President. "We're pleased to partner with Mortgage Cadence to help more lenders improve loan quality, reduce risk and increase profitability."