ComplianceEase Enhances ComplianceAnalyzer Integration with LendingQB to Include California Per Diem Interest Testing
BURLINGAME, Calif. (PRWEB) April 17, 2018
ComplianceEase®, the nation’s leading provider of automated compliance solutions to the financial services industry, announced today that it has enhanced its ComplianceAnalyzer® integration with LendingQB, a provider of lean lending loan origination technology solutions. Now LendingQB users can automatically test TRID, RESPA 2010 and pre-2010 forms to validate California’s per diem interest calculations.
The California Per Diem Interest Test in ComplianceAnalyzer audits a lender’s calculation for the maximum allowable amount of additional per diem interest that may be charged (or the minimum amount of interest to be credited). Based on the data, the test will provide a “pass,” “fail,” or “not tested” (typically due to lack of data) result. The new functionality is automatically applied based on a lender’s license type held in California to originate mortgages.
“Overcharging per diem interest is one of the most common violations that lenders in California are penalized for —four lenders have been fined a total of $13.3 million in the last year and a half,” said John Vong, president of ComplianceEase. “Forward-thinking LOS providers, like LendingQB, understand that Per Diem Interest testing is very important. By updating their ComplianceAnalyzer integration, they are giving more lenders the ability to test all of their documents to ensure compliance with California’s per diem interest rules.”
“We have many clients that lend in the state of California,” said David Colwell, vice president of LendingQB strategy. “They have all told us that the per diem interest rule is a significant drain on their resources, from both a compliance and operational perspective. The update to our integration with ComplianceEase has drastically improved a lender’s ability to comply with this rule and exemplifies the innovative partnership that we have with ComplianceEase.”
LendingQB is a provider of Lean Lending solutions for residential mortgage banking organizations. The Lean Lending solution consists of a 100 percent web browser-based, end-to-end loan origination system, best of breed integrations with key industry partners and ‘adoptimization’ services that result in faster cycle times and lower costs per loan. For more information, please call 888.285.3912 or visit http://www.lendingqb.com
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 the most 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. The company’s growing client base includes financial institutions, service providers, law firms, GSEs, and three of the top five mortgage lenders in the U.S. ComplianceEase’s automated compliance solutions have also been adopted as e-Exam tools by federal and state banking and mortgage regulators. For more information, visit ComplianceEase.com or call 1.866.212.3273.