Fiserv Inc. says its Common Origination Platform product now enables lenders to automatically audit loans for regulatory compliance violations from within the platform, through an integration with the current ComplianceAnalyzer product from ComplianceEase Inc.
The ComplianceAnalyzer product currently provides financial institutions, service providers and regulators in the residential mortgage industry with real-time automated mortgage compliance audits.
The Common Origination Platform product from Fiserv allows lenders to originate all of their loans – real estate finance, consumer and small business – on one platform rather than on multiple, siloed systems.
The platform is available in multiple deployment models, including licensed versions and Software as a Service. With the integration of the ComplianceEase product, Common Origination Platform product users can leverage the patented Web-based ComplianceAnalyzer to automatically conduct regulatory compliance audits on loans they originate or acquire.
ComplianceEase's senior vice president of product development, Jason Roth, says the company's research team tracked more than 100 different pieces of mortgage-related legislation in 2008, representing a 30% increase over legislative activity in 2007.
"We expect that trend to continue in 2009, with the compliance landscape becoming more complex than it has ever been before," he says. "In this challenging environment, lenders will need to leverage technology and automation in order to mitigate the regulatory and litigation risks. Regulations are rapidly changing, and only an automated audit system is going to help lenders stay on top of all of the changes and ensure that every loan is compliant."