ComplianceAnalyzer Ensures FHA Loans Requirements Are Met and
Optimizes Lenders’ Business Processes
Mortgage Bankers Association's 94th Annual Convention & Expo 2007
BOSTON----ComplianceEase®, a leading provider of
compliance and risk management solutions for the financial services
industry, announced today, at the Mortgage Bankers Association’s
94th Annual Convention & Expo 2007, they
expanded technology and services enabling lenders to originate
higher-quality Federal Housing Administration (FHA) insured mortgages
more efficiently. ComplianceEase continues to empower the mortgage
industry with solutions necessary to succeed in a turbulent market, with
added functionality in its flagship product, ComplianceAnalyzer®,
and professional services focused on the origination and insuring of FHA
loans.
Even during what is arguably the worst housing slump in 16 years, many
secondary market investors are willing to purchase loans with higher
loan-to-value ratios and lower credit scores if they are FHA loans,
which are insured by the U.S. Department of Housing and Urban
Development (HUD). In addition, the unprecedented FHA refinance program
will help some of the two million borrowers who are delinquent and in
default. HUD has indicated that it will continue efforts to modernize
and generally renovate its loan insurance programs to increase
homeownership opportunities for more Americans and to make FHA mortgages
a more attractive and more important financing option. While the
mortgage market in general is expected to continue experiencing a
downturn for the remainder of 2007 and into 2008, HUD forecasts an
increase in the quantity of FHA–insured loans.
“With the industry’s
slowdown, and the FHA stepping in to come to the rescue, agile lenders
and investors will be able to turn their companies around and realize
more business opportunities,” explained John
Vong, president of ComplianceEase.
Specific FHA requirements testing within ComplianceAnalyzer assists
lenders and investors to easily audit and pinpoint issues regarding
disclosures, recalculation of APR, payment schedules, and calculation of
FHA mortgage insurance premiums (MIP), in addition to all of the
applicable federal, state, and local regulatory compliance tests that
are specific to how a lender is licensed at the state level. As an
automated solution, ComplianceAnalyzer enables lenders to build a
process that ensures compliance on loans insured by HUD and helps to
close more compliant loans more efficiently. Together with its automated
solution, ComplianceEase also offers a complete menu of professional
services for new and existing FHA lending operations, including
training, consulting, and quality control services.
“FHA loans are back in vogue. The opportunity
to find profit in an otherwise unprofitable market is expected to
increase the overall FHA-insured loan volume,”
said Nina Travinsky, vice president of ComplianceEase. “HUD
and investors alike will be closely monitoring the quality of loans that
they insure and purchase; it will be critical to have the right tools to
reduce errors and ensure that loans are eligible for FHA insurance.”
About ComplianceEase
ComplianceEase, a division of LogicEase Solutions Inc., headquartered in
the San Francisco Bay Area, is a premier provider of intelligent
business solutions to the financial services industry. ComplianceEase's
web-based platform, ComplianceAnalyzer, is the mortgage industry's
leading automated compliance solution. The ComplianceEase expert system
utilizes advanced reasoning and decisioning technologies as well as
natural language processing to power beginning-to-end solutions in a
fraction of the time and for a fraction of the cost of traditional
approaches, while providing high levels of accuracy and integrity.
ComplianceEase's significant and growing client base includes top tier
mortgage lenders, banks, and Wall Street firms. The company is managed
by a team of highly experienced and innovative mortgage professionals,
and is funded by the First American Corporation, the WI Harper Group,
and the senior management team. For more information about
ComplianceEase, please visit www.ComplianceEase.com.
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