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GMAC Residential Funding Teams with ComplianceEase to Combine Technology Solutions and Add Value for their Lender Partners

Tue, 08 Nov 2005, 13:13:00 EST

Edited by Christopher Simmons

Alliance Delivers Industry's First Automated Regulatory Compliance and Investor Eligibility Audit Solution

SAN FRANCISCO, CA (SEND2PRESS NEWSWIRE) -- ComplianceEase(R), a premier provider of regulatory compliance and risk management solutions, today announced, the signing of a strategic partnership agreement with GMAC Residential Funding. The partnership will effectively establish the most comprehensive automated compliance solution available in the marketplace by combining ComplianceEase's industry leading compliance tool, ComplianceAnalyzer(TM), with GMAC Residential Funding's Assetwise Compliance Engine. GMAC Residential Funding's lender partners will now be able to run audits on both solutions simultaneously, addressing all federal, state and municipal laws and regulations, as well as GMAC Residential Funding's specific guidelines.

As part of the new alliance, GMAC Residential Funding will integrate its technology platform with ComplianceAnalyzer, ComplianceEase's proprietary intelligent decisioning system. Both companies will jointly market the solution to GMAC Residential Funding's approved sellers, as well as prospective customers. This state-of-the-art compliance system will enable GMAC Residential Funding's lender partners to streamline the mortgage loan process, increase profitability and bring better value to homeowners.

"We are very excited about this alliance, as it greatly enhances our ability to provide mortgage lenders with an outstanding, all-inclusive compliance solution," said John Vong, chief executive officer of ComplianceEase. "Our clients will appreciate and benefit from the added flexibility and streamlined capabilities resulting from the integration with GMAC Residential Funding's best-in-class, mortgage solutions," noted Vong.

"ComplianceEase's solution has been an integral part of our origination process since we first selected it as the best fit for our business nearly three years ago," said Jeff Freed, chief information officer of First National Bank of Arizona. "We also make extensive use of the Assetwise Compliance Engine, and being able to potentially consolidate our access to both systems without any IT effort on our end is a clear win for us," Freed added.

GMAC Residential Funding's Assetwise Compliance Engine enables their lending partners to determine if their loans may be ineligible for purchase by GMAC Residential Funding because they are considered "high-cost" or similarly designated loans under federal, state or local law. More and more states and municipalities are passing anti-predatory laws and, as a result, it is becoming increasingly difficult to keep up with secondary market investor requirements regarding these laws. Assetwise Compliance Engine evaluates a lender's loan before it is closed, ensuring that it aligns with GMAC Residential Funding policies regarding what should be included in "points and fees" tests, and performing "high-cost" related calculations according to specific definitions under HOEPA and certain state and city predatory lending laws. GMAC Residential Funding is the first private conduit to offer such a solution to its sellers.

"This partnership with GMAC Residential Funding enables ComplianceEase to further distribute its automated compliance solution to the lender community, so that lenders can detect loans that are out of compliance before it is too late", said ComplianceEase's executive vice president, David Girling. "We developed ComplianceAnalyzer to accommodate the needs of mortgage lenders and, accordingly, we designed it to be used at various points in the origination process. By auditing loans before they are sold to GMAC Residential Funding, lenders will help avoid costly buybacks and enhance the quality of their loans that are destined for the Capital Markets," added Girling.

ComplianceAnalyzer enables financial institutions to perform transactional, real-time audits to verify compliance with all applicable federal, state, and municipal anti-predatory requirements; consumer lending laws and regulations; as well as institution-specific, secondary market and rating agency compliance requirements. Together, GMAC Residential Funding and ComplianceEase will deliver the most comprehensive and innovative automated compliance solution to the mortgage industry.


About GMAC Residential Funding

GMAC Residential Funding acquires residential mortgages and home equity loans and lines from mortgage banks and other lenders, securitizes and sells them as investments, and also provides a consistent source of warehouse financing for mortgage lending partners. GMAC Residential Funding is a business unit within Residential Capital Corporation (ResCap)'s U.S. Residential Finance Group. ResCap is a leading real estate finance company, focused primarily on the residential real estate market in the United States, Canada, Europe and Latin America. Our diversified businesses - GMAC-RFC, GMAC Mortgage, Ditech.com, GMAC Bank, and Homecomings Financial - cover the spectrum of the U.S. residential finance industry, from origination and servicing of mortgage loans through their securitization on the secondary market. It also provides capital to other originators of mortgage loans, residential real estate developers, resort and timeshare developers and healthcare companies. ResCap is an indirect wholly owned subsidiary of General Motors Acceptance Corporation (GMAC). For more information about ResCap, visit www.rescapholdings.com.


About First National Bank of Arizona

First National Bank of Arizona is one of the largest privately-owned mortgage banks in the country. As the Home of Alt-A Mortgage LendingSM, FNBA's wholesale, correspondent and warehouse divisions lend in 49 states, employ over 225 mortgage banking account executives who have a local presence in 39 states, and operate seven mortgage operations centers to regionally expedite loan processing and servicing. FNBA is also the largest locally-owned bank in Nevada and Arizona with assets in excess of $3.25 billion and more than 1,900 employees. Its retail and commercial loan products include both residential and commercial real estate loans, in addition to an active construction and land acquisition and development loan division. For more information about First National Bank of Arizona, visit www.fnbaonline.com.


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 web-based platform - ComplianceAnalyzer - is the mortgage industry's leading automated compliance solution. The ComplianceEase expert system utilizes advanced reasoning and decisioning technologies as well as natural language processing 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 top tier mortgage lenders, banks, and Wall Street firms. Managed by a team of highly experienced and innovative mortgage professionals, the company is funded by the First American Corporation, the WI Harper Group, and the senior management team.

For more information about ComplianceEase, visit www.ComplianceEase.com.


ComplianceEase and ComplianceAnalyzer are trademarks of LogicEase Solutions Inc. All other company names and product names are trademarks of their respective owners.

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