LogicEase Receives Notice of Allowance in the U.S. for Automated Loan Compliance Patent
SAN FRANCISCO, CALIFORNIA - Jan 22, 2008 - LogicEase Solutions Inc., provider of the mortgage industry's leading suite of risk management solutions - ComplianceEase®, announced today it has received a Notice of Allowance for a patent on its automated compliance system from the United States Patent and Trademark Office. The allowed patent, "System and Method For Automated Compliance With Loan Legislation" primarily encompasses the ComplianceAnalyzer® automated compliance system. ComplianceAnalyzer examines mortgage loans and, in real-time, produces audit reports with summary and detailed findings regarding loan-level compliance with applicable laws and regulations at multiple jurisdictional levels. The awarding of the patent further validates ComplianceEase's innovation in the regulatory compliance space and recognizes it as the pioneer of this important technology.
"At ComplianceEase we have pioneered the field of automated lending compliance and I am very pleased that the United States Patent and Trademark Office has recognized the novel innovations that we have developed," said Jason Roth, senior vice president and named inventor on the patent. "This important milestone helps us give the residential mortgage industry confidence that we will continue to be the leading compliance automation provider for years to come."
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. ComplianceEase's team of industry professionals recognized this need early on and created ComplianceAnalyzer - a web-based system that includes the use of rules-based artificial intelligence, an intuitive mapping of business concepts on the loan to concepts within the rules, and a natural language processor to manage all of the compliance rules in plain English sentences. The system not only determines if a loan complies with regulations but it also automatically determines which rules should apply to the loan, based on numerous aspects of the transaction in question.
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 web-based platform, ComplianceAnalyzer, is the mortgage industry's leading automated compliance solution. The ComplianceEase expert system utilizes advanced reasoning and decisioning technologies as well as natural language processing 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 top tier mortgage lenders, banks, and Wall Street firms. The company is managed by a team of highly experienced and innovative mortgage professionals, and is funded by the First American Corporation, the WI Harper Group, and the senior management team. For more information about ComplianceEase, please visit www.ComplianceEase.com.
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