Burlingame, California-based ComplianceEase, a provider of automated compliance solutions, acquired the assets of Mortgage Banking Systems (dba ProClose), a provider of mortgage document preparation and closing software solutions.
Mortgage Banking Systems’ main product is ProClose Platinum, which is a software-as-a-service document preparation and management solution for mortgage lenders, incorporating the most up-to-date MISMO mapping standards.
As a result of the acquisition, ComplianceEase can create a comprehensive solution that will help residential mortgage lenders comply with the TILA-RESPA Integrated Disclosure rule that takes effect Aug. 1, 2015.
John Vong, president and co-founder of ComplianceEase, explained that the aquistion will help the company be able to respond to all of the regulatory changes on the horizon, including the TRID rule, enabling lenders to focus on their core business.
“Adding SmartCloser to our suite of solutions will allow our users to receive updates regarding any last minute changes that occur in the loan closing process, before these changes trigger re-disclosure requirements,” said Vong.
ComplianceEase and ProClose have partnered for the past 10 years to deliver the integrated closing solution ProClose Platinum, and because of this transaction that solution is being rebranded as SmartCloser.
The entire ProClose team is joining ComplianceEase. Christine Kirby, CEO and president of ProClose, will become vice president of ComplianceEase.
No other terms of the transaction were announced.