Burlingame, Calif.-based mortgage compliance service ComplianceEase has acquired Mortgage Banking Systems of McLean, Va.
ComplianceEase says the deal will enable it to create a comprehensive compliance product for TILA-RESPA Integrated Disclosure, a regulatory rule from the Consumer Financial Protection Bureau due to go into effect Aug. 1. The acquisition is the culmination of a 10-year partnership between the two companies.
ComplianceEase will integrate Mortgage Banking Systems’ ProClose software into its own products, and the chief executive of ProClose, Christine Kirby, will become a vice president at ComplianceEase, and the company said in its release that it will absorb the entire ProClose team. Other terms of the deal were not disclosed.
The new rulerepresents an opportunityfor technology firms to provide mortgage firms with the means to give their customers more information on the costs and risks associated with mortgage loans, according to those who view itpositively.