New rules like the “Ability to Repay” rule, promoted by the Consumer Finance Protection Bureau (CFPB), is written to deter what the government considers “risky features”. Risky features such as loans allowing for interest-only payments or negative amortization. In general the new standards do not allow for points or fees charged to a borrower to add up to more than 3% of the loan amount either. These are only a few examples too.
With all of these new rules and the expense of implementation and tracking, small lenders can be overwhelmed by the costs and extra work involved in maintaining compliance. It is because of the overwhelming need that we offer our solution.
Donnell Systems, Inc. provides OCIE®, their Enterprise Content Management Solution , for collecting, archiving and delivering all digital interactions between borrowers, lenders and vendors. OCIE has a unique set of enterprise-caliber tools for content management, process automation and delivery that make it suitable for protecting your organization and satisfying compliance demands.
Small lenders and servicers can now afford to protect themselves when they cannot afford to neglect regulators or their customers. Donnell makes it affordable with OCIE ECM Solutions.
Note: If you are a lender, we suggest that you audit your affairs for Reg Z and General CFPB compliance. This in the long run is a lot less expensive than defending allegations brought by the CFPB and paying both penalties and attorneys.