Home > About ComplianceEase > ComplianceEase in the News > Press and News  

ComplianceEase® Assists Sovereign Bank Correspondents with Industry's Best Compliance Solutions
- Automated Compliance Solutions to Benefit Mortgage Lenders -

San Francisco, Calif. - (BUSINESS WIRE) - June 14, 2004 - ComplianceEase, a division of LogicEase Solutions Inc. (ComplianceEase), the leading provider of intelligent risk management products and services, announced today that Sovereign Bank (Sovereign), has joined ComplianceEase's Affinity Strategic Alliance Partner™ (ASAP™) Program. Additionally, Sovereign announced to its approved correspondent lenders that it selected ComplianceEase as a Sovereign Preferred Vendor, based on the strong value ComplianceEase solutions provide in assisting correspondent sellers to close quality loans with increased speed and efficiency.

"We conducted extensive due diligence before selecting the ComplianceEase Automated Compliance System," said Clifford Schultz, senior vice president, and director of Credit and Operations at Sovereign. "The ComplianceEase Internet-based platform empowers our correspondents by enabling them to perform effective transaction-level audits that verify compliance with consumer lending regulations and, most importantly, with anti-predatory lending laws. Sovereign is committed to ensuring compliance," added Schultz.

"ComplianceEase's leadership position in the area of automated mortgage compliance services uniquely positions us to meet the needs of mortgage lenders," said David Girling, executive vice president of ComplianceEase. "We're pleased to work with Sovereign and the company's correspondent lenders and to have the opportunity to demonstrate the strengths of our compliance solutions."

Under the terms of the ASAP Program for Sovereign, a special pricing program has been extended to Sovereign's approved correspondent lenders. Ultimately, this arrangement provides Sovereign correspondents with the necessary risk management tools to enhance existing quality control procedures. The automated compliance solutions provide significant savings in the time and costs required to perform pre-funding audits. With the improved efficiency and accuracy provided by ComplianceEase reviews, lenders are able to eliminate errors, improve loan quality, and, most importantly, prevent salability issues in the secondary market.

About Sovereign Bank
Sovereign Bancorp, Inc., ("Sovereign") (NYSE: SOV), headquartered in Philadelphia, Pennsylvania, is the parent company of Sovereign Bank, a $47 billion financial institution with 535 community banking offices, nearly 900 ATMs and about 8,300 team members in Connecticut, Massachusetts, New Hampshire, New Jersey, New York, Pennsylvania, and Rhode Island. In addition to full-service retail banking, Sovereign offers a broad array of financial services and products including business and corporate banking, cash management, capital markets, trust and wealth management, and insurance. Pro forma for our pending acquisitions, Sovereign is one of the top 20 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., ("ComplianceEase") headquartered in San Francisco, California, is the premier provider of intelligent business solutions to the financial services industry. Its ComplianceEase Web-based platform provides the industry's first automated compliance solution 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 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.

Back to CE in the News