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Sovereign Bank Selects ComplianceEase Automated Compliance System
- Intelligent Solutions to Enhance Bank's Risk Management -

San Francisco , Calif. - (BUSINESS WIRE) -and Philadelphia, Pennsylvania September 22, 2003--ComplianceEase, a division of LogicEase Solutions Inc. (ComplianceEase) - a leading provider of intelligent business solutions, announced today that Sovereign Bank (Sovereign) has selected its flagship product - PredatorAnalyzerTM (PA) - to perform automated compliance audits to enhance Sovereign's risk management as part of a pro-active response to the raft of anti-predatory lending.

In making the announcement, David Girling, executive vice president of ComplianceEase, noted, "PA is a powerful intelligent compliance tool engineered with the latest advanced artificial intelligence technologies. The verification processing is completed in real time in a fraction of the time and cost needed for the traditional methods. Detailed analyses are generated including whether a loan is a 'high cost' or 'covered', thereby giving our clients not only sophisticated controls but also the flexibility to perform compliance reviews at any time during the loan's life cycle."

Harry Hazard, compliance manager of Sovereign Bank's National Correspondent Lending Group, explained, "Due to the fact that we do business across the nation, we needed a tool that will give us the ability to ensure compliance in a multi-jurisdictional environment. Therefore, automated processing is the way to go and the PA does the job. We access PA through the hosted model and we do not incur heavy up-front capital expenditures. The other important feature is that the system can be custom-configured so that we could have our own specific policies and requirements built in."

The automated compliance solution is available in an Application Service Provider (ASP) hosted or enterprise model, and may be custom-configured to specific lender, investor requirements. Given the cost of and speed with which necessary due diligence must be accomplished, automated compliance solutions provide the best method for lenders to ensure compliance with the rash of new state and local real estate lending laws and regulations.

About Sovereign Bank
Sovereign Bancorp, Inc. (NYSE: SOV), headquartered in Philadelphia, Pennsylvania, is the parent company of Sovereign Bank, a $41 billion financial institution with approximately 525 community banking offices, nearly 1,000 ATMs and approximately 8,000 team members in Connecticut, Massachusetts, New Hampshire, New Jersey, New York, Pennsylvania, and Rhode Island. Sovereign Bank is one of the top 25 largest banking institutions in the United States. For more information on Sovereign Bank, visit www.sovereignbank.com or call 1-877-SOV-BANK.

About ComplianceEase®
ComplianceEase, a division of LogicEase Solutions Inc., headquartered in San Francisco, California, has been a leading provider of intelligent business solutions to the financial services industry since 2000. Its ComplianceEase platform provides the industry's first automated compliance solutions utilizing advanced artificial intelligence reasoning and decisioning technologies as well as natural language processing. ComplianceEase powers beginning-to-end solutions at a fraction of the time and cost of the traditional approaches, while providing better accuracy and integrity. ComplianceEase also provides professional services, and consulting services. For more information on ComplianceEase, visit www.ComplianceEase.com or call 1-866-212-EASE.

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