Agoura Hills, Calif.-headquartered Interthinx, a provider of risk management and regulatory compliance tools for the financial services industry, has added licensing and prepayment penalty modules to its automated regulatory compliance system.
Users can now input company licenses and then selectively trigger state-level tests within the new license administration functionality. This capability allows originators of all types to satisfy investor guidelines, which usually require application of state laws regardless of whether the laws actually apply to the company, Interthinx explains.
A second module includes a comprehensive and detailed prepayment penalty test intended to supplement the system's existing anti-predatory lending and Truth In Lending Act tests. With this test, individual loan data are compared to applicable state prepayment penalty laws, and detailed results are returned in the Interthinx compliance worksheet. According to the company, this method allows the end user to quickly identify violations without having to investigate, saving time and money.