First American Real Estate Solutions Acquires Minority Interest in ComplianceEase
|September 29, 2005|
ANAHEIM, Calif., /PRNewswire-FirstCall/ -- First American Real Estate Solutions (RES®) announced that it has formed a strategic alliance with, and purchased a minority interest in, ComplianceEase®, a premier provider of regulatory compliance and risk management solutions to the financial services industry.
As part of the strategic partnership, ComplianceEase's flagship product, ComplianceAnalyzer(TM), will be tightly integrated into First American's mortgage technology platforms to provide lenders and investors with an automated compliance solution that allows them to streamline their processes and avoid costly fines and lawsuits.
"Our clients require more advanced methods of ensuring that regulatory requirements are met," said George Livermore, president of The First American Corporation's Property and Information Services Group. "By joining forces with ComplianceEase, we are able to deliver a comprehensive solution that can be easily implemented for immediate results."
Over the last decade, financial institutions have been challenged by an ever-changing landscape of federal, state and municipal anti-predatory and consumer lending laws and regulations. Failure to comply with these increasingly complex laws exposes lenders to significant financial risks. ComplianceAnalyzer automatically performs the thousands of critical checks and calculations necessary to ensure compliance on every loan that is originated or purchased.
"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.
For additional information, visit www.firstamres.com/ComplianceEase.
Source: The First American Corporation