SitusAMC Adds ComplianceEase® Software to Growing Technology Portfolio
Acquisition of LogicEase Solutions brings mortgage compliance software ComplianceAnalyzer® and TRID Monitor™ to SitusAMC's growing technology portfolio, which includes system-of-record technologies for custodians, loan owners, secondary market participants, and warehouse lenders.
Sep 15, 2020, 10:35 ET
NEW YORK, Sept. 15, 2020 /PRNewswire/ -- SitusAMC Holdings Corp. ("SitusAMC"), a prominent provider of services and technologies to the real estate finance industry, has acquired LogicEase Solutions Inc., the parent company of leading residential regulatory compliance technology provider ComplianceEase®. The acquisition adds industry-leading automated compliance software ComplianceAnalyzer and TRID Monitor to SitusAMC's growing technology portfolio. The ComplianceEase management team will be retained by SitusAMC.
ComplianceEase will operate as a wholly owned subsidiary of SitusAMC with no planned changes to existing staff or operations.
Founded in 2001 and headquartered in Silicon Valley, ComplianceEase is the mortgage industry's leading provider of compliance software solutions supporting mortgage originators, capital and secondary market participants, and regulators. Since its inception, ComplianceEase has processed audits for over 90 million loans.
"This acquisition is an important step in our goal of bringing greater automation and transparency to the residential market," said SitusAMC CEO Michael Franco. "The combination of the ComplianceEase product set and our existing technologies enhances our position as a leading technology provider for the mortgage industry. Clients that fully participate in our ecosystem of solutions will ultimately be able to reduce secondary market trading diligence from days to minutes."
John Vong, a founder of ComplianceEase who will stay on as chairman, added, "SitusAMC was a logical choice for us given the company's expertise in regulatory compliance requirements and passion for innovative technology."
ComplianceEase CEO Michael Jackman added, "we are excited to be joining SitusAMC to advance our joint goal of driving further automation in residential mortgage markets."
ComplianceEase's software solutions include:
- ComplianceAnalyzer® - the most widely used and trusted mortgage compliance solution running fully automated loan audits and providing comprehensive reporting through the proprietary interactive dashboard, RiskIndicator™.
- TRID Monitor™ - the industry's leading TRID auditing solution providing the latest and most comprehensive disclosure testing to ensure that loans comply with the latest TRID rule and many other federal and state laws and regulations.
- Pre-Exam Portal™ – a free-to-use application enabling lenders to run mock e-Exam loan-level audits using regulatory compliance-related data prior to submission to regulators.
- License Manager™ - an intuitive portal helping verify NMLS IDs, state licenses, and federal registrations in seconds for Secure and Fair Enforcement for Mortgage Licensing Act of 2008 (SAFE Act) compliance.
With the acquisition of ComplianceEase, SitusAMC expands its rapidly growing residential technology offerings which include systems of record for the custodial and warehouse space (emBTRUST and ProMerit); product, pricing, and eligibility for loan conduits (The Rate Lock System); document classification and data extraction (Acuity); document management (DocAcuity); and loan accounting (SBO.NET).
Chris Consoli, the chief technology officer at SitusAMC, said, "ComplianceEase is a great fit with our broader technology platform. With an expanding technology team that boasts over 350 technologists, we are rapidly making progress on industry-moving initiatives."
Berkery Noyes served as exclusive financial advisor to ComplianceEase.
About SitusAMC
SitusAMC is the leading independent provider of advisory, strategic outsourcing, talent and technology solutions to the commercial and residential real estate finance industry. The company helps clients realize opportunities in their real estate businesses through industry-leading services and innovative technologies that drive operational efficiency, increase business effectiveness, and improve market agility across the entire lifecycle of their global real estate activity. For more information, visit www.situsamc.com.
About ComplianceEase®
Headquartered in the Silicon Valley, ComplianceEase, a division of LogicEase Solutions Inc., is a leading provider of risk management solutions to the financial services industry. ComplianceEase's patented platform includes ComplianceAnalyzer, the mortgage industry's most adopted automated compliance solution with comprehensive TRID auditing. ComplianceEase combines regulatory expertise with innovative technology to power end-to-end risk management solutions that help financial institutions improve compliance controls and increase profitability.
Contact:
Andy Garrett
Managing Director
Global Head of Marketing
[email protected]
SOURCE SitusAMC
