ComplianceEase, a division of LogicEase Solutions Inc., has been issued U.S. Patent No. 7,386,505 by the United States Patent and Trademark Office (USPTO). This patent is the first of its kind issued with respect to an automated compliance solution for the mortgage industry, ComplianceEase says.
Patent No. 7,386,505, entitled ‘System and Method for Automated Compliance with Loan Legislation,’ covers ComplianceEase's automated compliance system – ComplianceAnalyzer. This expert system examines mortgage loans and, in real time, produces loan-level reports and analytics with respect to applicable laws and regulations at multiple jurisdictional levels.
‘At ComplianceEase, we have pioneered the field of automated lending compliance, and I am very pleased that the USPTO has recognized the novel innovations that we have developed,’ says Jason Roth, senior vice president and named inventor on the patent.
In today's increasingly volatile market environment, regulatory compliance is becoming one of the most significant risk-management issues for financial institutions of all sizes, the company adds. Over 250 financial institutions, service providers and regulators rely on ComplianceAnalyzer in their day-to-day operations.
Source: ComplianceEase