iFreedom Direct Corp. has selected Agoura Hills, Calif.-based Interthinx to perform automated high-cost and covered loan reviews during the loan origination process. Interthinx was chosen to ensure loans are in compliance with various consumer protection laws.
PredProtect from Interthinx is a feature-rich automated compliance solution, updated with every federal, state and local predatory lending law and many consumer loan laws, according to the company. Within seconds, the system automatically compares individual loan data to applicable laws, warning end-users of rate and fee threshold violations, federal Truth-In-Lending Act violations, state consumer loan laws failures and more.
‘We implemented Harland's Interlinq E3 loan origination system and did not want to write and maintain a loan testing program,’ explains Becky Hersh, vice president of quality control for iFreedom. ‘So we selected an Interthinx solution, which is compliant with all regulations and provides a seamless interface to our users.’