Magazine article Mortgage Banking

ComplianceEase Teams with Regulators to Automate Exams

Magazine article Mortgage Banking

ComplianceEase Teams with Regulators to Automate Exams

Article excerpt

ComplianceEase, Burlingame, California, announced in August the initial release of its RegulatorConnect [TM] and RegulatorDirect [TM] solutions.

The solutions are designed to enable state-regulated mortgage lenders and banking institutions to plug into a new, more automated regulatory examination process, reducing their required time and cost. RegulatorConnect links institutions with state regulators through electronic data transfer, while RegulatorDirect enables lenders to electronically deliver compliance audit reports to regulators with a single click, explained ComplianceEase Vice President Michael Chan.

At the heart of the new process is ComplianceAnalyzer [R], which was selected by the Conference of State Bank Supervisors (CSBS), Washington, D.C., to provide baseline as well as customized state agency-specific audits as the examination automation component of the Model Examination Guidelines (MEGs) initiative, said Chan.

"We are very excited to be working with CSBS and state regulators on the examination automation initiative," said Chan. "The goal is to achieve efficiency, effectiveness, uniformity and standardization while reducing the cost and burden to regulators and the industry."

In the middle of 2007, in the wake of the mortgage meltdown, CSBS helped establish the MEGs for state regulators to use as a set of recommended standards for their members' examination processes.

The MEGs comprised five different modules, the fifth of which was intended to provide an "efficient tool to mechanize certain mundane and repetitive examination functions," said Chuck Cross, vice president of mortgage regulatory policy at CSBS. …

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