The launch of StartSAFE, a comprehensive solution to aid banks in meeting the compliance requirements of the Secure and Fair Enforcement for Mortgage Licensing Act (SAFE Act), was announced Wednesday by ""TriNovus, LLC"":http://trinovus.com/, a Birmingham, Alabama-based company focused on delivering relevant technology solutions to the financial marketplace.[IMAGE]
The SAFE Act requires all mortgage loan originators (MLOs) to register their personal information in a national registry, and it places significant responsibility on banks that employ MLOs. Under this act, banks are required to establish procedures and tracking systems for monitoring registration and renewals and must also develop educational programs that cover registration requirements for MLOs.
According to TriNovus, StartSAFE provides banks a turnkey solution to ensure compliance with SAFE Act regulations. The new offering includes SAFE Act training for MLOs and SAFE Act policy and procedures templates. In addition, users can access the Web-based StartSAFE solution for automated submissions to the Nationwide Mortgage Licensing System (NMLS) and registry, tracking of MLO initial submission data and updates, and secure archival and off-site storage of MLO data and NMLS submissions.
StartSAFE will be part of TriComply, TriNovus' suite of products designed to provide community banks solutions to aid in compliance with new and ever-changing banking regulations. Also part of this product suit is BankRISK, a stress testing and risk management solution for assessing loan portfolio risk, and the company said additional compliance solutions are currently in development.
""With compliance, there is always something new that the banks need to do,"" said David Brasfield, president and CEO of TriNovus. ""It is our goal that TriNovus' TriComply product suite will offer solutions that enable community bankers to respond to new regulatory requirements as efficiently and cost effectively as possible. StartSAFE is one of many such products that we plan to introduce to the market.""