PriceMyLoan and ComplianceEase Combine Pricing and Compliance to Solve New Loan Originator Compensation Challenges

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Integration provides lenders with a comprehensive solution for automated underwriting, loan pricing and loan-level compliance accessed within a single platform. New loan originator compensation requirements are readily handled by both PriceMyLoan and ComplianceEase to streamline processes and ensure sound lending practices.

PriceMyLoan announced today an integration that enables lenders to use the PriceMyLoan platform make automated underwriting and loan pricing decisions, while simultaneously relying on ComplianceEase® to ensure loan-level compliance with thousands of Federal and state laws, including policies covering new loan originator compensation requirements.

The new functionality gives PriceMyLoan customers seamless access to ComplianceAnalyzer® - the industry standard for automated compliance, loan-level regulatory compliance audits, which are part of the same technology suite that banking and mortgage regulators use for their new electronic Examinations (e-Exams). Gigi Campbell, national sales director at PriceMyLoan, explained, “The combination of our products ultimately helps fulfill the goals we have set before us: to enable lenders to do more with less.”

ComplianceAnalyzer® performs multi-jurisdictional audits on residential mortgage loans, instantly providing feedback on Home Ownership and Equity Protection Act (HOEPA Section 32 and 35) rules, Truth In Lending Act (TILA) provisions, state and municipal high-cost/anti-predatory lending laws and consumer credit regulations. The system also audits against various secondary market investor and GSE compliance guidelines as well as internal lender policies, which include tests covering new loan originator compensation requirements.

The web-based, real-time system enables lenders to shift from a traditional sampling and manual review process to an automated methodology that is more effective at identifying potential issues before they become more serious, and more expensive problems.

“We saw a natural synergy between ComplianceAnalyzer and PriceMyLoan,” said Jason Roth, senior vice president at ComplianceEase. “Both companies provide automated technology screening to expedite decision making during the loan origination process. With new Truth-in-Lending regulations that restrict loan originator compensation and forthcoming changes under the Dodd-Frank Act, loan pricing and loan-level compliance have become increasingly intertwined. ComplianceAnalyzer provides the same accuracy and efficiency for compliance that PriceMyLoan customers have become accustomed to for automated underwriting and loan pricing, boosting a lender’s QC and closing processes.”

The integration can seamlessly transfer a loan from PriceMyLoan to ComplianceAnalyzer, which then analyzes the loan information and generates a comprehensive report highlighting the loan’s risk level and provides details concerning potential violations or exceptions. ComplianceAnalyzer’s comprehensive audit reports are delivered to users directly within the PriceMyLoan system.

“As technology providers, our goal has always been to take a tedious and time-consuming process and streamline it,” said Campbell. “PriceMyLoan and ComplianceEase address two of the most resource-intensive and critical components of a lender’s workflow – underwriting and closing – and improve upon it with tools that effectively let lenders handle more volume without having to add staff.”

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 four of the top five mortgage lenders in the nation, financial institutions, service providers, law firms, and regulators. For more information visit ComplianceEase.com or call 1.866.212.Ease.

About PriceMyLoan
PriceMyLoan is a pricing and automated underwriting engine designed for residential mortgage lenders. Originally developed in 2004, PriceMyLoan is delivered as a web browser-based software as a service (SaaS) application with the goal of enhancing productivity, reducing IT dependency and accelerating the return on investment (ROI) for its clients. PriceMyLoan utilizes the latest advances in web technology development using XML and MISMO standards, and combines it with a dedication to high-quality, high-touch customer service that is renowned throughout the mortgage technology industry. For more information, please visit http://www.pricemyloan.com.

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LINN COOK
PriceMyLoan
714-957-6335 ext. 2212
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Jason Roth
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