Brooks.HCLA Web Service
When you have a large volume of loans to review for predatory compliance, a manual system of data input is not cost-effective option. Brooks.HCLA Web Service utilizes XML technology to provide an automated tool for checking predatory compliance. The flexible XML-based architecture provides numerous integration options with existing LOS and processing systems. The ability to integrate this service with your processing system will reduce errors and increase cost controls thus saving your organization time and money.
As federal, state and local regulation of predatory lending becomes an increased burden to large and small mortgage producers, what can they do to help control costs and guarantee that they are not in violation of these regulations? Also, when selling loan pools, what assurance can they provide to investors that there is little or no risk regarding these regulations?
Purchasers of loan pools are looking for assurance that the loans in the pool are compliant with regulations. They are especially concerned about with loans in states that recognize assignee liability. Unfortunately, most predatory reviews are performed at the single loan level with manual input from the processors, which is too costly for pool review. Brooks.HCLA Web Service can import data to our service for review and return results to the database when completed. With the use of this interface, minimal manual input is necessary.
Brooks.HCLA Features and Benefits
- Guaranteed 100% compliance with federal, state and local predatory regulations.
- Provides business rules validation and ensures accuracy as well as regulatory compliance.
- Satisfies investor requirements, especially in states that recognize assign liability.
- Certifying compliance can save you thousands of dollars in fines.
- XML format allows for flexible integration.
- Increased ability to manage portfolio risk by validating the entire pipeline.
- Ability to control which loans are reviewed, helping to control costs.
- Significant cost savings through subscription-based service.
- System updates automatically as regulations change.
- Customizable output to display data in any format you choose.
- Brooks.HCLA is written in VB.net.
- Eliminates repetitive data entry.
- Lenders operating in multiple states.
- High-volume lenders.
- Lenders wanting to guarantee they are not involved in predatory lending.
- Compliance companies.
- Wholesale companies concerned about assignee liability in the loan pools that they are buying.