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Mortgage Banking Systems Adds ComplianceAnalyzer to ProClose Platinum
- Closing Doc Compliance Check Protects Lenders from Repurchase Risk -

MCLEAN, Va., Jan 22, 2009 (BUSINESS WIRE) - Mortgage Banking Systems, Inc., a leading provider of mortgage closing document services and technology, has added ComplianceAnalyzer® from ComplianceEase® to its ProClose® Platinum closing product. Every loan in ProClose Platinum is now scrutinized for strict regulatory compliance.

ProClose Platinum is a MISMO compliant, XML driven, web-based, Software-as-a-Service (SaaS) doc prep solution that also provides lenders with a broad library of investor and industry standard forms, data-driven loan program selection criteria, and SAS-70 secure electronic delivery of closing packages in PDF format.

With ComplianceAnalyzer, ProClose Platinum delivers maximum lender protection through a seamless connection to industry-leading compliance analysis technology complete with detailed compliance reporting capabilities. Without leaving Platinum, one click provides a full compliance audit review by ComplianceAnalyzer as an easy-to-understand loan-level report.

ComplianceAnalyzer testing checks TILA, HOEPA, GSE guidelines, as well as State and municipal high cost and anti-predatory lending against state licenses. Threshold and variance analysis along with individual itemizations of points and fees tests are included. Users can access a complete trail of compliance reviews across all applicable legislation. When potential violations are detected, the system gives narrative explanations. ComplianceAnalyzer reports reference the reasoning, calculations, citations, and cite relevant legislation, with explanation in plain English.

"Non-compliance with federal, state or local 'high-cost,' anti-predatory lending laws, state regulations and investor compliance guidelines are the most common reasons for repurchase requests," said Christine Kirby, president, Mortgage Banking Systems. "It is nearly impossible for lenders to remain complaint for every loan scenario without taking the pre-close transaction approach offered by ProClose Platinum and ComplianceEase."

Next quarter, ProClose users will be able to send State Regulator reports directly from within Platinum, Kirby said.

"ComplianceEase has continually stressed the importance of pre-funding compliance reviews especially right before the closing documents are prepared. With the current regulatory environment and the adoption of the same technology by state regulators, we are committed to delivering our state-of-the-art automated compliance solution through partners like ProClose and helping turn risk management from a burden to a value-added strategy," said Mr. Michael Chan, Vice President at ComplianceEase.

About Mortgage Banking Systems

Headquartered in McLean, Virginia, Mortgage Banking Systems has specialized in mortgage closing software for mortgage companies nationwide for over 20 years. ProClose gives lenders control over their own closing documents and provide an extensive library of lender and industry specific forms with accurate, compliant closing documents with secure electronic delivery. Their staff of mortgage professionals has an average of over 10 years in the mortgage industry. For more information, please call 1-800-783-2283 or visit www.ProClose.com.

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 patented platform includes ComplianceAnalyzer - the mortgage industry's leading automated compliance solution. ComplianceEase combines industry and regulatory compliance expertise with innovative technology 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 4 of the top 5 mortgage lenders in the nation, and over 250 financial institutions, service providers, and regulators. Managed by a team of highly experienced and innovative mortgage professionals, the company is funded by the First American Corporation, the WI Harper Group, and the senior management team. For more information about ComplianceEase, visit www.ComplianceEase.com.

Press Contacts

ComplianceEase
Michael Chan
650-373-1111 x1120
m.chan@ComplianceEase.com

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