Mortgage Banking Systems adds ComplianceAnalyzer to ProClose

Seamless, loan-level compliance audit with ComplianceEase's(R) intelligent Automated Compliance System, ComplianceAnalyzer(TM)

MCLEAN, Va., Jan. 4, 2005 -- Mortgage Banking Systems, Inc., a leading provider of mortgage closing document services and technology, has added ComplianceAnalyzer(TM) from ComplianceEase(R) to its ProClose(R) platform. The ProClose document preparation system provides customers a broad library of investor and industry standard forms, electronic delivery of closing packages, extensive and customizable reports, as well as numerous third party software interfaces.

The addition of ComplianceAnalyzer(TM) means ProClose now delivers one-click, seamless access to industry-leading compliance analysis technology, along with detailed compliance reporting capabilities--automatically integrated within the document closing process.

Fidelity and Trust Mortgage, Inc., a nationwide mortgage lender, is an active user of the ComplianceAnalyzer(TM) module that is integrated with the ProClose electronic document preparation system. "The ProClose team did an excellent job of integrating ComplianceAnalyzer(TM) into a single, seamless interface. F&T is the first company to implement ComplianceAnalyzer(TM) as part of an electronic document preparation system. "We chose this software because it provided a Genesis upload and it is web-based. This allows us to use the product without an interface. Also, it is simple to use, which makes our users happy," said Daniel Macy, quality control manager, Fidelity and Trust. "With new anti-predatory lending regulations being passed every day, we need a robust solution to keep us in compliance."

ComplianceAnalyzer(TM) organizes results of compliance reviews into one easy-to-understand report, delivered through the ProClose document preparation system. The report provides threshold and variance analysis as well as individual itemizations of points and fees tests. With a single click, users can access a complete trail of compliance reviews across all applicable legislation and when potential violations are detected, the system gives narrative explanations. ComplianceAnalyzer(TM) reports reference the reasoning, calculations, citations, and text of relevant legislation in plain English.

The most common reason for investor repurchase requests is non-compliance with federal, state or local "high-cost," anti-predatory lending laws, state regulations and investor compliance guidelines. ComplianceAnalyzer(TM) organizes results of compliance reviews into one easy-to-understand screen. Additional screens provide specific detailed results of compliance reviews. With a single click, users can access a complete trail of compliance reviews. When potential violations or exceptions are detected, the system provides narrative explanations. ComplianceAnalyzer's(TM) reports easily reference reasoning, calculations, citations, and text of relevant legislation.

"Mortgage originators that sell into the secondary market must take every precaution to minimize costly repurchases," advised Christine Kirby, president, Mortgage Banking Systems. "The overwhelming rise of state and local lending legislation has rendered obsolete the traditional, manual processes of auditing loans by hand or by using simple spreadsheet applications," Kirby said.

Nationwide expansion of anti-predatory laws has required that mortgage originators maintain robust, transaction-level compliance auditing, as well as efficient and accurate closing documents. ComplianceAnalyzer(TM) utilizes advanced natural language processing and rules-based decisioning to produce a single, high-detail loan-level audit report that analyzes a loan's compliance with all applicable federal, state and local regulatory compliance requirements.

"Investor repurchase requests due to non-compliance with federal, state or local high-cost lending laws, state regulations and investor compliance guidelines is a major concern for originators today," said David Girling, Executive Vice President for ComplianceEase. "ProClose users will have access to the market leading compliance solution which through a seamless data capture process, allows users to take greater control of their mortgage auditing process, mitigate compliance risks and prepare loans for sale into the secondary markets."

As of the end of 2004, there are 33 states and municipal districts with "high-cost" lending laws, in addition to existing federal laws and other state regulations. Many of these state high-cost laws incorporate assignee liability relating to damages and fines associated with non-compliance. The issue of assignee liability has dramatically raised the stakes for investors, forcing the investment and credit rating community to encourage the use of automated compliance. In Fitch's November 13, 2003 report, the rating agency asserted that, "an originator's use of a technology-based filter in the compliance process is viewed positively by Fitch. In fact, Fitch cannot provide credit for the compliance process without it."

About Mortgage Banking Systems

Headquartered in McLean, Va., Mortgage Banking Systems specializes in mortgage lending software for small to mid-sized mortgage companies and community banks nationwide. Its signature product, ProClose gives lenders control over their own closing documents and provides an extensive library of lender and industry-specific forms and customized reporting capabilities, creating accurate, compliant closing documents with secure electronic delivery. A staff of mortgage and technical professionals support lenders nationwide with strict regulatory standards, ensuring that all documents in its vast library meet all legal compliance guidelines. Customized reports and strong investor relationships help Mortgage Banking Systems meet the unique needs of its lenders and deliver on its commitment to 100 percent customer satisfaction. For more information, visit

About ComplianceEase

San Francisco, CA-based ComplianceEase, a division of LogicEase Solutions Inc., is a premier provider of intelligent business solutions to the financial services industry. The ComplianceEase platform is the industry's first automated compliance solution to utilize advanced artificial intelligence reasoning and decisioning technologies as well as natural language processing. ComplianceEase powers beginning-to-end solutions at a fraction of the time and cost of the traditional approaches, while providing better accuracy and integrity. For more information, visit

Mortgage Banking Systems, McLean
Erica Stephens, 678-781-7228

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