MetaSource [1], a Salt Lake City-based provider of mortgage quality control compliance advisory and workflow automation solutions, has announced a partnership with Silicon Valley-based ComplianceEase [2], a division of LogicEase Solutions Inc. and a provider of risk management services to the financial industry.
The partnership with ComplianceEase will allow MetaSource to provide automated compliance testing for loans submitted to MetaSource for review, according to the announcement. MetaSource provides independent third-party reviews of loans for lenders to provide feedback on salability issues or issues that could surface during an audit from regulators.
This review process includes compliance checks during the pre-funding QC process, which provides significant risk mitigation benefits to lenders by addressing loan quality issues before funding.
“The MetaSource-ComplianceEase partnership is a natural fit, as we have had a long standing relationship with ComplianceEase and its ComplianceAnalyzer platform,” said Mary Kladde, SVP of Mortgage Services at MetaSource. “Coupled with our team’s expertise in loan production, this partnership will ensure that MetaSource is able to deliver accurate, actionable results to help lenders improve their overall loan quality when delivering loans for purchase and preparing for potential regulatory audits.”
ComplianceEase’s flagship product, ComplianceAnalyzer, provides automated, loan-level auditing that covers all levels of regulation, including federal, state, municipal high-cost, anti-predatory laws, usury, consumer credit regulations, payment penalties, and more.
“Lenders can’t rely on the ‘stare and compare’ approach to test for compliance with TRID. Automation allows the auditing of all documents for delivery timing sequencing, fee names, tolerances, changed circumstances, and reasons for re-disclosures so they can review exceptions,” said Dan Smith, SVP, Sales of ComplianceEase. “We’re pleased to be selected by a third-party reviewer like MetaSource to deliver thorough loan auditing akin to what the secondary market investors and examiners will see so that lenders can originate confidently and efficiently.”
Click here [1] for more information on the partnership.