CoreLogic, ComplianceEase Introduce Automated Compliance Solution For Mortgage

Posted by Patrick Barnard on June 19, 2015 No Comments
Categories : Residential Mortgage

CoreLogic has teamed up with ComplianceEase to introduce a new solution that will help mortgage lenders comply with the Consumer Financial Protection Bureau's (CFPB) new TILA-RESPA Integrated Disclosure (TRID) rules, as well as qualified mortgage (QM) and high-cost loan requirements.

LoanSafe Compliance Manager, as it is called, helps lenders comply with a broad array of federal, state and local residential mortgage lending regulations, CoreLogic says in a press release.

Part of the LoanSafe mortgage risk management suite from CoreLogic, the solution is powered by ComplianceEase's automated compliance product, ComplianceAnalyzer.

The solution adds to ComplianceAnalyzer's capabilities in that it can perform multi-jurisdictional compliance audit reviews covering the following:

  • Home Ownership and Equity Protection Act (sections 32, 35);
  • Loans ineligible for QM;
  • State and municipal high-cost/anti-predatory laws and regulations;
  • Loan originator compensation restrictions;
  • State license-based consumer lending laws and regulations;
  • Secondary market investors' and GSEs' compliance guidelines; and
  • Lenders' internal compliance policies.

ComplianceEase recently announced that ComplianceAnalyzer is now able to audit and monitor all the new TRID disclosures from the initial loan estimate through the closing disclosures.

LoanSafe Compliance Manager helps lenders identify and address loan-level regulatory compliance issues by delivering alerts and summary reports supported by detailed analyses, CoreLogic says.

When it encounters a potential issue, the system alerts the user and references the reasoning, calculation and/or regulation behind the issue. This allows staff and management to proactively monitor and resolve issues in real time.

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