ComplianceEase in Burlingame, Calif., has introduced an insurance-backed warranty program for audited loans.
The AssureCert program provides a warranty for compliance defects, including Truth in Lending Act-Real Estate Settlement Procedures Act
The warranty provides a maximum benefit of as much as $50,000 per loan, for a seven-year period. The warranty is transferable to secondary market investors or servicers.
The warranty can be used on loans audited by ComplianceEase's ComplianceAnalyzer product. It's applicable for multiple loan types, including first and second liens; new purchase, refinance and equity transactions; and conventional, FHA and VA loans.
"New [qualified mortgage] and TRID rules have exposed lenders and investors to civil lawsuits, as well as fines and repurchase risk," John Vong, president of ComplianceEase, said in a news release.
