In an effort to assist lenders in complying with consumer law fee and rate restrictions, Interthinx has added prohibited fees and usury tests to its PredProtect Regulatory Compliance Suite.
The new prohibited fees test warns users when a fee found on either the GFE or HUD-1 exceeds state-law fee limitations. The new usury test warns users when the interest rate or annual percentage rate exceeds state-law rate limitations. The updated PredProtect worksheet identifies violations and provides users a clear explanation about how to achieve compliance.
"In the last year, we have made key advances to our PredProtect system, including the development of a new APR calculator and a new prepayment penalty test," said Roger Fendelman, Esq., vice president of compliance. "These advances, when taken together with our new Prohibited Fees and Usury Tests and existing high-cost loan testing, make our system a true one-stop automated regulatory compliance suite. The protections we offer are unparalleled, and the response has been overwhelming."
Interthinx: (800) 333-4510