Magazine article Mortgage Banking
PriceMyLoan and ComplianceEase Integrate
PriceMyLoan, Irvine, California, announced an integration that enables lenders to use the PriceMyLoan platform to make automated underwriting and loan pricing decisions while simultaneously relying on ComplianceEase[R], Burlingame, California, to ensure loan level compliance with thousands of federal and state laws, including policies covering new loan originator compensation requirements.
The new functionality gives PriceMyLoan customers seamless access to ComplianceAnalyzer[R], an enterprise-based solution that provides automated compliance, loan-level regulatory compliance audits, which are part of the same technology suite that banking and mortgage regulators use for their new electronic examinations (e-Exams).
"The combination of our products ultimately helps fulfill the goals we have set before us: to enable lenders to do more with less," said Gigi Campbell, PriceMyLoan's national sales director.
ComplianceAnalyzer performs multi-jurisdictional audits on residential mortgage loans, instantly providing feedback on Home Ownership and Equity Protection Act (HOEPA Section 32 and 35) rules, Truth In Lending Act provisions, state and municipal high cost/anti-predatory-lending laws and consumer credit regulations. The system also audits against various secondary market investor and GSE compliance guide lines as well as internal lender policies, which include tests covering new loan originator compensation requirements.
The Web-based, real-time system enables lenders to shift from a traditional sampling and manual review process to an automated methodology that is more effective at identifying potential issues before they become more serious--and more expensive problems, according to PriceMyLoan. …