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ComplianceEase Announces Updated RegulatorConnect® Certification Process for Mortgage Tech Vendors

- New Process Will Accommodate Data-Intensive TRID Files -

Burlingame, Calif. - April 4, 2016 - ComplianceEase®, the nation's leading provider of automated compliance solutions to the financial services industry, today announced that it is revamping its RegulatorConnect® Certification Program, called RC Certify, to help technology providers and lenders prepare for the more data-intensive mortgage examinations that have emerged over the past few years and are expected to soon include TILA-RESPA Integrated Disclosure (TRID) reviews.

Introduced in 2010, the RC Certify Program helps mortgage technology companies provide Lending Examination Format (LEF) files to their lender customers. For the past six years, federal and state regulators have required lenders to submit files in LEF format, using the RegulatorConnect Portal.

Recently, the Multi-State Mortgage Committee (MMC) of the Conference of State Bank Supervisors (CSBS) noted in an industry bulletin that "despite years of preparation and anticipated compliance, the mortgage industry has regularly failed to provide clean data in a format acceptable to the regulators' technology platform."

The bulletin warned: "The MMC will continue to rely heavily on this technology and will consider companies that cannot provide data that is complete, accurate, and properly formatted to be non-compliant with respect to records production."

In response to these concerns, ComplianceEase, which developed the LEF format and the RegulatorConnect Portal, is redesigning the RC Certify Program to create an easier, more standardized path for technology providers to update their systems to export loans in the latest LEF format.

The new process will help industry software developers at each step in the design, development, integration, and testing of LEF file exports, the company said. With dedicated personnel working on the export, ComplianceEase estimates that technology providers will be able to complete the certification process in two months or less.

"For the past three years, our industry has been focused almost exclusively on redesigning technology to accommodate new mortgage rules: first qualified mortgages, and more recently TRID," said Jason Roth, CMT, chief technology officer at ComplianceEase. "As a consequence, LEF requirements and integrations have moved down the queue at many tech companies, which is now creating new compliance issues for lenders.

"Although regulators have indicated that they will adopt an informal 'grace period' and look for 'good faith' efforts to comply with TRID, we expect that examiners will soon be reviewing for compliance with TRID requirements, and will expect electronic data to be readily available for these more data-intensive exams. Our revamped RC Certify Program is designed to get ahead of this issue and to make file exports as easy as one click for lenders."

For more information about RC Certify, click here.

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 with the most comprehensive TRID auditing. 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.Ease(3273).

Press Contact

Bill Campbell
Campbell Lewis Communications

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