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Compliance Expertise Where and When it’s Needed
An aggressive regulatory environment requires shifting compliance from a post-event regulatory function to an integrated component of the lending process. Embedded compliance checks throughout the loan life cycle, allow lenders to more easily manage regulatory risk, enhance compliance culture and decrease the cost of safeguarding their loan portfolio.
THE CHALLENGE
Traditional methods are not enough to protect from the escalating risks of non-compliance. They rely heavily on inefficient, postevent sampling to ensure compliance. Without reviewing each loan, lenders cannot be certain that errors have been caught and addressed.
TRADITIONAL METHODS, NEW APPLICATION
To tackle this challenge requires shifting compliance from a postevent regulatory function to an integrated component of the lending process. Embedding compliance checks throughout the loan life cycle helps to ensure that every loan in production or in a pool of closed loans is in compliance with applicable federal, state and local lending laws and regulations.
COMPLIANCE ON DEMAND
Recent advancements in technology provide lenders with a practical way to review every loan for non-compliance —without additional staff. By integrating compliance web services with existing loan systems lenders create an automated solution that collects and processes electronic loan data against established compliance mandates.
Wiz Sentinel provides a multitude of compliance checks that can be completed almost effortlessly and without disruption to the lending process: avoid predatory lending, evaluate high cost loans, validate broker licenses, and review borrower eligibility against names on OFAC lists, calculate APR, collect and verify HMDA data, and even check whether properties lie within flood zones.
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Wiz Sentinel is clearly the most easy to use, robust, and cost effective anti-predatory lending software solution on the market.
Sue McGovney
SVP, Compliance
IndyMac Bank
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