MetaSource Mortgage & ComplianceEase Loan Review Process for MassHousing Named Finalist for Mortgage Technology Synergy Award
Mortgage fulfillment outsource services expert MetaSource Mortgage (formerly Titan Lenders Corp), and ComplianceEase®, the nation’s leading provider of regulatory compliance and risk management solutions, have been named one of three finalists for the coveted 2010 Synergy Award from Source Media’s Mortgage Technology magazine. The pair was nominated for their proprietary automated loan review process for the Massachusetts Housing Finance Agency (MassHousing).
According to Mortgage Technology magazine, “The Synergy Award recognizes technology initiatives and alliances that show exemplary interoperability in a production setting to advance the cause of automation and e-commerce.”
“Synergy was at the heart of the solution MetaSource Mortgage developed with ComplianceEase for Mass Housing,” said MetaSource Mortgage senior VP and Titan Lenders Corp founder Mary Kladde. “As the custodian of a mandated home ownership mission, MassHousing needed to safe guard itself and its constituents from the various sources of mortgage lending risk created if any one of its approved lenders submit loan files violating state high-cost thresholds or violate any aspect of RESPA 2010 consumer protection mandates.”
In 2010, MassHousing selected MetaSource Mortgage to provide outsourced mortgage purchase review services, including loan level quality review and regulatory compliance evaluation, to ensure the least risk exposure achievable for the independent, quasi-public housing finance agency (HFA) in selling its loans to investors. Integral to its winning proposal,
partnered with ComplianceEase to create a seamless and transparent loan review workflow that met both regulatory and investor criteria, while accommodating unique HFA lending criteria.
The resulting solution is unprecedented in that it accommodates data delivered directly from more than 100 MassHousing lender partners and conducts a thorough and comprehensive loan review protocol as mapped in conjunction with MassHousing. The solution is replicable as a model for many if not all state HFAs, which originate $ billions in mortgages annually through their first time home buyer affordability programs, and for other high-volume lenders with a low tolerance for risk in their secondary strategies.
The Synergy of the MassHousing loan review program lay in its ability to be replicated and customized for other HFAs and high volume lenders with distinctive, somewhat esoteric, lending processes. These characteristics are driven by the Titan Lenders Corp proprietary patented technology, Cerberyx (CBX), co-developed with eSys Technologies, Rochester, NY including its integration with ComplianceAnalyzer the ComplianceEase compliance engine.
About MetaSource Mortgage
MetaSource Mortgage is one of a specialized few providers of mortgage back office fulfillment services, a not-well-understood facet of mortgage lending that includes closing, funding, and post closing services. Community banks, credit unions, mortgage bankers and brokers use outsource providers strategically to minimize compliance risks in a time-sensitive error-averse environment. Fluctuations in mortgage lending volume also lead some lenders outsource their entire back office operation and secure predictable “per transaction” pricing rather than maintaining an inflexible static in house staff.
About About ComplianceEase
ComplianceEase, a division of LogicEase Solutions Inc., headquartered in the San Francisco Bay Area, is a premier provider of intelligent business solutions to the financial services industry. ComplianceEase’s patented platform includes ComplianceAnalyzer – the mortgage industry’s leading automated compliance solution. ComplianceEase combines industry and regulatory compliance expertise with innovative technology to power beginning-to-end solutions in a fraction of the time and for a fraction of the cost of traditional approaches, while providing high levels of accuracy and integrity. ComplianceEase’s significant and growing client base includes three of the top five mortgage lenders in the nation, financial institutions, service providers, law firms, and regulators. Managed by a team of highly experienced and innovative mortgage professionals, the company is funded by the CoreLogic Inc., the WI Harper Group, and the senior management team. For more information visit www.ComplianceEase.com.