Brooks High Cost Loan Analysis (BrooksHCLA)
Mortgage companies need relief from the burden of increasingly complicated federal, state and local regulations on high cost loans. They also need to ensure that they are not transferring liability when selling loan pools to investors. One loan in violation can cost more in money, time, and reputation than your company should have to afford. However, when you need to review a large volume of loans for compliance with predatory lending laws, a manual system of data input is not cost- effective. You would have to hire a staff of compliance professionals to keep track of constantly changing laws covering complex fees and rules. Perhaps you already have.
Brooks.HCLA Web Service utilizes cutting-edge XML technology to provide an automated tool for checking compliance. The flexible XML-based architecture provides numerous integration options with existing LOS and processing systems. When you integrate this service with your current processing system, you will reduce errors and increase cost controls, saving your organization time and money.
Investors need assurance that the loans they are purchasing are in compliance with regulatory laws, especially in states that recognize assignee liability. Unfortunately, most programs that check compliance with predatory lending laws work at the single loan level requiring manual input from the processors. Checking sample loans only does not ensure that the entire pipeline of loans is compliant. Brooks.HCLA Web Service imports the required data from each loan and exports the result to your database with minimal manual input. It's like having an automated compliance officer check every single loan, with no coffee breaks and no typing errors.
BrooksHCLA Features and Benefits
- Guaranteed 100% compliance with federal, state and local predatory lending regulations.
- Business rules validation to ensure accuracy as well as regulatory compliance.
- Satisfaction of investor requirements, particularly in states that recognize assignee liability.
- Thousands of dollars saved by avoiding 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 reduce costs.
- Significant cost savings through subscription-based service.
- Automatic system updates as regulations change.
- Customizable output to display data in any format that you choose.
- Eliminates repetitive data entry.