First American Real Estate Solutions, a provider of advanced property and ownership information, analytics and services, today announced that it has purchased a minority interest in ComplianceEase, a provider of regulatory compliance and risk management tools for the financial services industry. The two companies have also formed a strategic alliance.
Through the new partnership ComplianceEase’s ComplianceAnalyzer product will be integrated into First American’s mortgage technology platforms to provide lenders and investors with an automated compliance tool that allows them to streamline their processes and avoid costly fines and lawsuits, according to the announcement. ComplianceAnalyzer automatically performs thousands of checks and calculations to ensure compliance on every loan that is originated or purchased.
“Our clients require more advanced methods of ensuring that regulatory requirements are met,” said George Livermore, president of The First American Corp.’s Property and Information Services Group.
“Our goal is to originate compliant loans in a simple, timely and cost-efficient manner,” said Clifford Schultz, senior vice president of Sovereign Bank. “Knowing that ComplianceAnalyzer is working behind the scenes within First American’s platforms allows us to focus more time on our core business of originating loans.”
ComplianceAnalyzer is compatible with most existing loan origination systems and document preparation platforms. For customers with existing compliance systems, it acts as a backstop to ensure adequate coverage of current processes and provides extensive tracking and reporting capabilities, according to the announcement.
John Vong, chief executive officer of ComplianceEase, said, “With added connectivity and expanded opportunities to access bundled solutions, the residential mortgage industry will be the ultimate beneficiary of this innovative partnership.”
ComplianceEase, a division of LogicEase Solutions Inc., is headquartered in Burlingame, Calif. Its ComplianceEase Web-based platform provides an automated compliance solution that utilizes artificial intelligence reasoning and decision-making technologies as well as natural language processing.
First American RES, a member of the First American Family of Companies, is a provider of advanced property and ownership information, analytics and services. First American RES’ database covers more than 2,500 counties representing 97 percent of the nation’s real estate transactions. With about 600,000 users nationwide, First American RES products are used by companies to improve customer acquisition and retention, detect and prevent fraud, improve mortgage transaction cycle time and cost efficiency, measure the value of residential and commercial properties, identify real estate trends and neighborhood characteristics, track market performance and increase market share.
The First American Family of Companies operate within six primary business segments, including: title insurance and services, specialty insurance, mortgage information, property information, credit information and screening information.
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