Truth In Lending (TILA) Review
TILA, or the Truth in Lending Act, was enacted in 1968 to require borrowers to disclose the terms and costs
associated with credit lines and loans. Originally overseen by the Federal Reserve Board, the authority for TILA
was transferred in 2011 to the CFPB (Consumer Financial Protection Bureau).
Federal (HOEPA), State & Local High Cost Threshold Tests
- Includes HOEPA threshold tests, as well as those enacted by individual states
and local governments.
The Home Ownership and Equity Protection Act of 1994 (HOEPA) requires disclosures of high-cost
loans and includes restrictions on lenders. It is now overseen by the CFPB.
Mavent State Consumer Credit Law Review
Utilizing Mavent's Expert Engine, Compliance EAGLE checks for requirements on over 340 state laws, including:
- Usury Rate Ceilings Percentage Caps.
- Prohibited Fees.
- Fee Percentage or Dollar Amount Limits.
- Higher-Rate, Higher-Risk, Higher-Priced, Subprime, Nonprime, and Rate Spread Loans.
- Prepayment Penalty Prohibitions and Limitations.
- Late Fee Dollar Amount Limits and Length of Late Fee Grace Periods.
- Interest Accrual Start Dates.
- Negative Amortization Prohibitions.
- Balloon Payment Prohibitions or Term Limitations.
- Payment and Term Limitation.
Ability To Repay (ATR) / Qualified Mortgage (QM) Rule
Effective January 10, 2014, the CFPB implemented sections 1411 and 1412 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (usually just referred to as "Dodd-Frank"). Generally, this requires creditors to make a reasonable, good faith determination of a consumer’s ability to repay (ATR), and establishes certain protections from liability under this requirement for “qualified mortgages” (QM).
In partnership with LoanScoreCard and Mavent, QuestSoft's Compliance EAGLE was the first automated compliance platform to offer a fully operational QM and ATR solution available through more than ten loan origination systems (LOS).
County Recording Fees Calculations
Compliance EAGLE offers recording fee calculations, based on the county requirements
Title Insurance Fee Calculations
- Performs accurate title insurance fee calculations to help lenders and borrowers understand costs up-front
The insurance insures protects an owner's or a lender's financial interest in real property against financial loss from defects in title to real property, from the invalidity or unenforceability of mortgage liens, and other related matters.
Instant HMDA Review
- Reviews HMDA data for individual loans preparing data for future reporting requirements
- Instant HMDA provides lenders the easiest, fastest and most cost effective Loan-Level HMDA data validity solution available. QuestSoft's best-selling, full-featured product, HMDA RELIEF, is used by thousands of lending organizations for complete and accurate HMDA reporting and submission
Passed in 1975, the Home Mortgage Disclosure Act (referred to as "HMDA" and pronounced "HUMDA") requires financial institutions to report data on home purchases, pre-approvals, improvements and refinance applications.