ComplianceEase, a provider of automated compliance solutions, has acquired the assets of Mortgage Banking Systems (d.b.a. ProClose), a provider of document preparation and closing software solutions, for an undisclosed sum.
The deal means ComplianceEase can now create a comprehensive solution to help mortgage lenders comply with the Consumer Financial Protection Bureau's (CFPB) new Truth in Lending Act/Real Estate Settlement Procedures Act (TILA/RESPA) integrated disclosure (TRID) rules that take effect August 1.
ComplianceEase and ProClose were already in a partnership to deliver ProClose Platinum, a closing solution that integrates ComplianceEase's enterprise-class compliance risk management expertise with ProClose's advanced cloud-based document preparation system.
As a result of the transaction, the solution is being re-branded as SmartCloser.
ComplianceEase will absorb the ProClose brand, but the ProClose team will be kept intact. Christine Kirby, CEO and president of ProClose, will become vice president of ComplianceEase.
‘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,’ Kirby says in the release. ‘The combined solution provides ProClose's clients and the rest of the industry with a unified platform for mortgage compliance.’