BURLINGAME, Calif.-- – ComplianceEase, a provider of automated compliance solutions to the financial services industry, has acquired the assets of Mortgage Banking Systems (dba ProClose) of McLean, Va., a provider of mortgage document preparation and closing software solutions for financial institutions.
The company said the acquisition, which has been completed, will enable ComplianceEase to create a comprehensive and innovative solution that will help residential mortgage lenders comply with the TILA-RESPA Integrated Disclosure (TRID) rule that takes effect August 1, 2015. For the past 10 years, ComplianceEase and ProClose have partnered to deliver an integrated closing solution, known as ProClose Platinum, that drew from ComplianceEase’s enterprise-class compliance risk management expertise and ProClose’s advanced cloud-based document preparation system. As a result 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.