ComplianceEase, a provider of automated compliance solutions, has released the RegulatorConnect and RegulatorDirect solutions, which are intended to enable state-regulated mortgage lenders and banking institutions to plug into a new, more automated regulatory examination process, reducing their required time and cost.
RegulatorConnect links institutions with state regulators through electronic data transfer, while RegulatorDirect enables lenders to electronically deliver compliance audit reports to regulators with a single click. At the heart of the new process is ComplianceAnalyzer, which was selected by the Conference of State Bank Supervisors (CSBS) to provide baseline, as well as customized state agency-specific, audits as the examination automation component of the Model Examination Guidelines initiative, says ComplianceEase.
‘We've been very pleased to work with ComplianceEase on this initiative,’ says Chuck Cross, vice president of mortgage regulatory policy at CSBS. ‘This has far-reaching implications for the way regulators and financial institutions will be able to approach what has been, in the past, a time-consuming and cost-prohibitive process.’
‘Technology and automated solutions have become essential elements for CSBS to leverage as we seek new ways to standardize and improve regulatory supervision while streamlining the examination process for institutions and for regulators,’ he continues.
Source: ComplianceEase