ComplianceEase, a division of LogicEase Solutions, is introducing a risk management product that allows mortgage originators to comply with high-cost and anti-predatory lending legislation.
“(PredatorAnalyzer AssureCert) provides detection and prevention of violations, as well as indemnity against potential legal consequences of non-compliance with federal, state and local high-cost and anti-predatory lending regulations,” said David Girling, EVP.
Girling said the product was designed in response to industry demand for compliance systems that provide greater accuracy and better protection.
PA AssureCert covers losses due to fines, penalties, judgments and secondary market transaction losses. It is available for loan-level production of up to $300,000 with a coverage period of five years.
Other coverage criteria includes first or subordinate lien positions, open- or closed-end credit, conventional or government loan programs, any property types up to four units, no restriction on loan-to-value or combined loan-to-value ration and no credit score or credit grade restriction, according to Jason Roth, VP of product development.
San Francisco-based ComplianceEase provides business solutions to the financial services industry.
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