SitusAMC Holdings Corp., a provider of services and technologies to the real estate finance industry, acquired LogicEase Solutions Inc., the parent company of residential regulatory compliance technology provider ComplianceEase. The acquisition adds automated compliance software ComplianceAnalyzer and TRID Monitor to SitusAMC's growing technology portfolio.
The ComplianceEase management team will be retained by SitusAMC. ComplianceEase will operate as a wholly owned subsidiary of SitusAMC with no planned changes to existing staff or operations.
Founded in 2001 and headquartered in Silicon Valley, ComplianceEase is a provider of compliance software solutions supporting mortgage originators, capital and secondary market participants, and regulators. Since its inception, ComplianceEase has processed audits for over 90 million loans.
"This acquisition is an important step in our goal of bringing greater automation and transparency to the residential market," said SitusAMC
CEO Michael Franco. "The combination of the ComplianceEase product set and our existing technologies enhances our position as a … technology provider for the mortgage industry. Clients that fully participate in our ecosystem of solutions will ultimately be able to reduce secondary market trading diligence from days to minutes."
John Vong, a founder of ComplianceEase
who will stay on as chairman, added, "SitusAMC was a logical choice for us given the company's expertise in regulatory compliance requirements and passion for innovative technology."
ComplianceEase's software solutions include:
- ComplianceAnalyzer - a mortgage compliance solution running fully automated loan audits and providing comprehensive reporting through the proprietary interactive dashboard, RiskIndicator.
- TRID Monitor - a TRID auditing solution providing comprehensive disclosure testing to ensure that loans comply with the latest TRID rule and many other federal and state laws and regulations.
- Pre-Exam Portal - a free-to-use application enabling lenders to run mock e-Exam loan-level audits using regulatory compliance-related data prior to submission to regulators.
- License Manager – an intuitive portal helping verify NMLS IDs, state licenses, and federal registrations in seconds for Secure and Fair Enforcement for Mortgage Licensing Act of 2008 (SAFE Act) compliance.
With the acquisition of ComplianceEase, SitusAMC expands its rapidly growing residential technology offerings which include systems of record for the custodial and warehouse space (emBTRUST and ProMerit); product, pricing, and eligibility for loan conduits (The Rate Lock System); document classification and data extraction (Acuity); document management (DocAcuity); and loan accounting (SBO.NET).
Chris Consoli, the chief technology officer at SitusAMC, said, "ComplianceEase is a great fit with our broader technology platform. With an expanding technology team that boasts over 350 technologists, we are rapidly making progress on industry-moving initiatives."