Opus Capital Markets Consultants, LLC (Opus CMC), a provider of mortgage due diligence and a wholly-owned subsidiary of Wipro Limited, recently selected ComplianceEase’s ComplianceAnalyzer with TRID Monitor as its comprehensive compliance auditing solution.
Opus CMC will use ComplianceEase’s flagship platform, ComplianceAnalyzer, to perform real-time, loan-level audits on loan pools that it reviews for aggregators, investors and residential mortgage-backed securities (RMBS) issuers, according to a press release. The platform tests for all federal, state and municipal regulations, including TRID and QM, as well as federal and state high-cost and anti-predatory lending violations. The solution also audits for compliance guidelines set by the secondary market and government-sponsored enterprises.
“Opus CMC is committed to providing customer-centric risk management solutions to the financial services industry,” Opus Executive Managing Director Peter Butler said in the release. “By enhancing our residential due diligence review services with ComplianceAnalyzer, a comprehensive compliance auditing solution for the mortgage industry, coupled with our proprietary rules, we are confident that we will be able to help our clients minimize compliance risk even more effectively and efficiently.”
“With mortgage volume expected to remain flat in 2019, many in the industry are beginning to look for ways to reduce costs—but compliance should not be on the chopping block,” ComplianceEase President John Vong said. “It speaks volumes about the importance of regulatory compliance, as well as the quality of our technology, that we have been selected by one of the premier due diligence firms tasked with reviewing the mortgage quality for sale and securitization transactions.”
More than 60 percent of third-party due diligence firms that meet rating agency standards for rated RMBS are ComplianceEase clients, the release states.