CoreLogic and ComplianceEase Launch LoanSafe Compliance Manager
Real Estate Industry and Trade Media
Campbell Lewis Communications
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June 17, 2015, Irvine, Calif. –
—New Solution Helps Lenders Comply with Upcoming TILA-RESPA Rule, as well as QM and High Cost Loan Requirements—
CoreLogic® (NYSE: CLGX), a leading global property information, analytics and data-enabled services provider, today announced the release of LoanSafe Compliance Manager™, a new solution to help lenders comply with a broad array of federal, state and local residential mortgage lending regulations, including the TILA-RESPA Integrated Disclosure (TRID) rule when it takes effect Aug. 1, 2015.
LoanSafe Compliance Manager is powered by ComplianceEase®, the nation’s leading provider of automated compliance solutions to the financial services industry, and is a new part of the industry leading LoanSafe® mortgage risk management suite from CoreLogic. ComplianceEase recently announced that its flagship product ComplianceAnalyzer® with TRID Monitor™ is now able to audit and monitor all the new TRID disclosures from the initial Loan Estimate through the Closing and Post-Consummation Closing Disclosures.
Building on ComplianceAnalyzer’s capabilities, LoanSafe Compliance Manager performs multi-jurisdictional compliance audit reviews covering:
- Home Ownership and Equity Protection Act (Sections 32, 35)
- Loans ineligible for Qualified Mortgage (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
- Lenders' internal compliance policies
LoanSafe Compliance Manager helps lenders easily identify and address loan-level regulatory compliance issues by delivering alerts and summary reports supported by detailed analyses. When it encounters a potential issue, LoanSafe Compliance Manager 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. LoanSafe Compliance Manager also delivers exception handling and reporting, exportable management reports and audit reports that can provide comprehensive evidence of an independent compliance review to secondary market investors and regulators.
“CoreLogic is committed to providing our clients with smart, integrated solutions that help them comply with the myriad of relevant regulations, including TRID, with minimal disruption to their workflow,” said Olumide Soroye, managing director of Information Solutions at CoreLogic. “We are excited to work with a best-of-breed, TRID-ready provider, to bring clients a timely solution that helps identify and address loan-level regulatory compliance issues through seamless integrations with technology partners and support from the industry’s leading compliance experts.”
“In a Fannie Mae survey performed in Q4 2014, lenders said they were more concerned about risk due to non-compliance than they were about risk due to lower loan volume, and that was in a year that saw originations decline more than 35 percent,” said John Vong, president of ComplianceEase. “Our partnership with CoreLogic allows us to jointly enable more lenders to comply not only with the current pressing regulatory challenge—the coming TRID rules—but also the hundreds of other existing rules that could apply to a mortgage and that could render it unsalable.”
For more information about LoanSafe Compliance Manager, please visit: CoreLogic.com/compliancemanager.
Headquartered in the Silicon Valley, ComplianceEase, a division of LogicEase Solutions Inc., is a leading provider of risk management solutions to the financial services industry. ComplianceEase's patented platform includes ComplianceAnalyzer®, the mortgage industry's most adopted automated compliance solution. ComplianceEase combines regulatory expertise with innovative technology to power end-to-end risk management solutions that help financial institutions improve compliance controls and increase profitability. The company's growing client base includes financial institutions, service providers, law firms, GSEs and three of the top five mortgage lenders in the U.S. ComplianceEase's automated compliance solutions have also been adopted as e-Exam tools by federal and state banking and mortgage regulators. For more information, please visit ComplianceEase.com.
CoreLogic (NYSE: CLGX) is a leading global property information, analytics and data-enabled services provider. The company's combined data from public, contributory and proprietary sources includes over 3.5 billion records spanning more than 40 years, providing detailed coverage of property, mortgages and other encumbrances, consumer credit, tenancy, location, hazard risk and related performance information. The markets CoreLogic serves include real estate and mortgage finance, insurance, capital markets, and the public sector. CoreLogic delivers value to clients through unique data, analytics, workflow technology, advisory and managed services. Clients rely on CoreLogic to help identify and manage growth opportunities, improve performance and mitigate risk. Headquartered in Irvine, Calif., CoreLogic operates in North America, Western Europe and Asia Pacific. For more information, please visit www.corelogic.com.
CORELOGIC, LoanSafe Compliance Manager, LoanSafe, LoanSafe Appraisal Manager, LoanSafe Fraud Manager, LoanSafe Risk Manager, LoanSafe Collateral Manager and the CoreLogic logo are trademarks of CoreLogic, Inc. and/or its subsidiaries.
ComplianceEase, ComplianceAnalyzer and TRID Monitor are trademarks and/or registered trademarks of LogicEase Solutions Inc. All rights reserved.