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System Determines 'Predatory' Status.
ComplianceEase said at the RMBS 2004 Annual Strategy Meeting here that PredatorAnalyzer, its industry-standard automated compliance system, has been upgraded to allow mortgage originators and residential mortgage-backed securities issuers to instantly obtain the anti-predatory lending loan categorization required by Standard & Poor's.
ComplianceEase said it responded to recent S&P policies that effective July 1, require that loans subject to certain anti-predatory lending legislation and sold into rated securities must be identified as "home loans," "covered loans" or "high-cost loans" in the data submitted to S&P's risk analysis system: LEVELS. This in addition to the proliferation of anti-predatory lending laws that can potentially lead to noncompliance penalties.
S&P's director, Scott Mason, commented that S&P is pleased to see the implementation of its guidelines within the PA systems, which identifies anti-predatory loan classifications and flags violations, because "it makes sense to use available technology to help streamline the process of preparing pool submissions."
According to ComplianceEase CEO, John Vong, the upgrade was ...
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- Newspaper article from: Nation's Cities Weekly Peirce, Neal April 12, 2004 700+ words
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