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Mortgage Cadence Adds Leading Compliance Auditing and Monitoring Solution to its Loan-Origination Platform

ELC facilitates lending for forward and reverse mortgages in retail, wholesale and correspondent lending channels and across a multitude of mortgage products, including home equity lines of credit. The integration of ComplianceAnalyzer provides a comprehensive, real-time auditing and monitoring solution within the ELC.

"The cost to produce a loan has been on the rise, largely because of compliance demands that have given way to inefficiencies and slower speed to close for many lenders,” said Trevor Gauthier, Mortgage Cadence’s president and chief operating officer. “Mortgage Cadence is committed to providing lenders with the tools to help solve for these increased compliance demands, and our integration with ComplianceAnalyzer will do just that."

ComplianceAnalyzer enables lenders of all sizes to improve asset quality and value, reduce compliance risk, negotiate better execution with secondary market investors, and capture the data needed to prepare lenders for regulatory exams. The solution performs audits for federal high-cost and higher-priced loan regulations, the Secure and Fair Enforcement for Mortgage Licensing Act, state high-cost and anti-predatory regulations, and state license-based consumer lending laws and regulations, as well as compliance guidelines from secondary market investors and government-sponsored enterprises. It also performs TRID, RESPA 2010 and pre-2010 forms tests to validate California’s per diem interest calculations, a key differentiator in the market, as compliance for California originators remains a top priority to avoid penalties and fees.

Edmonton man charged in $5.5 million Ponzi scheme

The fraud investigations unit charged the 59-year-old with 22 counts of fraud over $5,000 following a two-year investigation.

None of the allegations have been proven in court.

According to police, Carruthers posed as a lender, using the company Wakina Consulting Inc., and was able to convince the investors the loans were legitimate by using publicly available land title documents.

"Typically, people who are capable of committing frauds at this level understand the business, so it makes them very believable," said Det. Linda Herczeg of the fraud investigations unit.

Investors were promised monthly interest payments and administration fees on loans that the real homeowners had never actually taken out with Wakina Consulting. The homeowners, meanwhile, had no idea their information was being used, according to police.

The website for Wakina Consulting Inc., preserved in internet archives but no longer searchable, claims to have offered financial planning services for more than 30 years. The website lists an address located in the Morin Industrial area, in west Edmonton. 

How Well Does the Tea Party and its Ideas Fit with America in 2010?

Are Tea Party "Principles" Likely to be Well Accepted on 2 November 2010?
Are Tea Party Ideas an Easy Sell or a Hard Sell in USA in 2010?

In Florida, Tea Party rallies burn black people in effigy, and the word n*gger is heard constantly in the crowd. They dismiss the elected president with the n- word, and are really nothing more than the Klan with clean sheets.