LendingSpace Debuts Automated NMLS Mortgage Call Report at MBA Legal Issues and Compliance Conference

FULTON, Md., May 16, 2011 /PRNewswire/ -- At this week's Mortgage Bankers Association (MBA) Legal Issues and Compliance Conference in Boca Raton, FL, LendingSpace, a leading provider of mortgage technology solutions, debuted its automated solution that meets National Mortgage Licensing System (NMLS) Mortgage Call Report implementation requirements mandated by the federal SAFE Act.  The Automated Mortgage Call Report function is among a full array of compliance solutions that comprise ComplianceOne, the suite of compliance-related technologies built into the LendingSpace end-to-end, loan origination system (LOS).

"The deadline for implementing and submitting the Mortgage Call Report is imminent, and lenders who find themselves using a patchwork of their existing technologies to meet requirements will spend a great deal of time and resources to ensure impeccable compliance," said Ravi Varma, CEO of LendingSpace.  "With a click of a mouse, the Automated Mortgage Call Report function in our ComplianceOne suite gathers the information from the loan origination system, and formats it so that it's ready for transmission to federal and state agencies. We are pleased to be first-to-market with a solution that so thoroughly resolves this compliance issue, while meeting the business need to control expenses."

During the MBA Legal Issues and Compliance Conference, attendees had the opportunity to learn more about ComplianceOne and its many functions, including the Automated Mortgage Call Report.  

"As mortgage professionals struggling with the deluge of federal and state regulatory compliance requirements, our partnership with LendingSpace offers significant benefits," said Bob Shanklin, SVP, Compliance, NewDay Financial, "LendingSpace stays ahead of the curve like no other technology provider.  With their system in place, we can be confident that our processes are efficient, cost-effective and always in compliance."

Unlike other LOS vendors, LendingSpace technology is built by a team that includes both mortgage professionals and compliance experts who have in-depth understanding of the compliance challenges today's firms face.  The forward-thinking company has developed its ComplianceOne suite to provide first-to-market, superior solutions that address current and future challenges, such as loan officer compensation and appraisal management.

"In today's highly regulated environment, it is imperative to seek out technology providers who appreciate the complexities of compliance and work to seamlessly integrate technology and compliance," said John Socknat, Partner in the Mortgage Banking Group in Patton Boggs LLP's Washington, D.C. office. "A technology solution designed in that fashion is much more likely to be comprehensive: built with special knowledge of the array of regulations involved, and their impact on operations."

The LendingSpace Enterprise Lending System is an end-to-end SaaS solution with standard-offering features and components that include Lead Management, Point of Sale, Automated Decisioning, Loan Origination System, LendingXchg and Vendor Management, Customer Portals, ComplianceOne, Document Management and Imaging, Secondary Marketing, and Enterprise Reporting. For a free demonstration of LendingSpace's features and capabilities, including the ComplianceOne suite, mortgage professionals can call toll-free, 800-995-2341.

About LendingSpace

LendingSpace, a privately held technology company, is a leading provider of state-of-the-art, comprehensive mortgage loan origination management solutions, serving the needs of banks, mortgage companies and other lending institutions through its innovative Software as a Service paradigm. Founded in 1999, LendingSpace has a global development staff of more than 80 focused exclusively on mortgage technology solutions and the unique needs of mortgage professionals. The company is located in Fulton, Maryland. www.lendingspace.com.

SOURCE LendingSpace