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Partners Expanding Compliance Program

In a time when mortgage lenders are looking at every aspect of their business for possible improvements and cost savings, ComplianceEase here and Guardian Mortgage Documents have expanded their three-year strategic alliance to offer more robust risk management tools for large investors, which will enhance compliance services for correspondent and broker quality control procedures.

Specifically, ComplianceEase, a provider of mortgage industry automated compliance and risk management solutions, and GMD, a provider of document preparation, have jointly developed a seamless interface solution for one of the top five mortgage investors in the United States. The new solution combines compliance and document production into a "one-touch," Web-based workflow system, which is available to correspondents and brokers from the investor's Web portal. The system allows correspondents and brokers to perform effective real-time, loan-level compliance audits that verify adherence to the investors' guidelines and compliance. The new system is unique in that it increases investor loan quality by generating closing documents only when all defined thresholds have been met.

"We've had a relationship for three years," said Tim Anschutz, vice president of marketing at GMD. "We're pushing it forward in that we put together a tighter interface. A large investor came to us and ComplianceEase looking to tie down control and delivery. Guardian has an existing portal where our sellers go to in order to draw docs. ComplianceEase defines the thresholds on the compliance and what is delivered to the investor.

"When a correspondent requests docs we pass that to ComplianceEase for checks and if it does not meet the mark the correspondent does not get docs, they get a report explaining what they need to do. A differentiating factor is that they don't get docs at all if they don't meet the threshold. If it does meet the threshold they still get a ComplianceEase report."

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