ComplianceEase Acquires Document Provider Mortgage Banking Systems
Acquisition Will Provide Key Components for CFPB's New TRID Rule
BURLINGAME, Calif. – ComplianceEase®, the nation's leading provider of automated compliance solutions to the financial services industry, announced today that it has acquired the assets of Mortgage Banking Systems (dba ProClose®) of McLean, Va., a provider of premier mortgage document preparation and closing software solutions for financial institutions.
The acquisition, which has been completed, will enable ComplianceEase to create a comprehensive and innovative solution that will help residential mortgage lenders comply with the TILA-RESPA Integrated Disclosure (TRID) rule that takes effect August 1, 2015. The Consumer Financial Protection Bureau's (CFPB) new TRID rule will mandate new forms, the Loan Estimate and Closing Disclosure, and set new disclosure timelines and fee tolerances that must be followed in order to not trigger re-disclosure requirements.
For the past 10 years, ComplianceEase and ProClose have partnered to deliver an integrated closing solution, known as ProClose Platinum, that drew from ComplianceEase's enterprise-class compliance risk management expertise and ProClose's advanced cloud-based document preparation system. As a result of this transaction that solution is being rebranded as SmartCloser™.
The entire ProClose team is joining ComplianceEase. Christine Kirby, CEO and president of ProClose, will become vice president of ComplianceEase. No other terms of the transaction were announced.
"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," said Kirby. "The combined solution provides ProClose's clients and the rest of the industry with a unified platform for mortgage compliance. There isn't a better, more dynamic or comprehensive compliance platform in the industry, and we are elated to bring our valued clients and strategic partners into the ComplianceEase family."
"ComplianceEase has always been focused on providing our clients with comprehensive solutions that lower risk, improve productivity and reduce cost," said John Vong, president and co-founder of ComplianceEase. "By adding a best-of-breed document platform to our suite of automated compliance products, we will be able to respond to all of the regulatory changes on the horizon, including the TRID rule, enabling lenders to focus on their core business." Vong continued, "Adding SmartCloser to our suite of solutions will allow our users to receive updates regarding any last minute changes that occur in the loan closing process, before these changes trigger re-disclosure requirements. So they'll no longer need to rely on 'eyeballing' to compare disclosure and closing docs. Now it will occur automatically and seamlessly."
About Mortgage Banking Systems
Mortgage Banking Systems, headquartered in McLean, Virginia, has specialized in cloud-based closing document software for mortgage companies for more than 20 years. Its flagship product, ProClose® Platinum, has been a leading software-as-a-service (SaaS) document preparation and management solution for mortgage lenders, incorporating the most up-to-date MISMO mapping standards. ProClose has provided unmatched ease of use and compliance with no integration, as well as optimal accuracy and efficiency. The company's diverse client base included banks and credit unions located throughout the country.
About ComplianceEase®
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, visit ComplianceEase.com or call 1.866.212.3273.
SOURCE ComplianceEase
CONTACT: Bill Campbell, Campbell Lewis Communications, 212.995.8057, bill@campbelllewis.com
Web Site: http://www.ComplianceEase.com
