AGOURA HILLS, Calif. -- (Mar 26, 2007) -- Interthinx®,
(www.interthinx.com)
the leading provider of comprehensive fraud prevention,
regulatory compliance and risk mitigation tools for the
mortgage industry, has successfully integrated its HCL-High
Cost Loan Filter(SM) real-time automated compliance tool
into Harland Financial Solutions' Interlinq® E3 enterprise
mortgage lending solution. HCL now performs nearly a dozen
loan-level compliance reviews and identifies high cost
loan violations as defined by federal, state and local
laws and investor guidelines. Harland Financial Solutions
is a wholly owned subsidiary of John H. Harland Company
(NYSE:JH - News).
HCL from Interthinx is Web-based technology designed
to alert lenders whenever loans are not in compliance.
The system is always updated with the most up-to-date
regulations from all federal, state and local anti-predatory
lending laws, and contains an in-depth federal Truth-In-Lending
APR analysis, OFAC check and much more. Once the loan
data is entered into HCL, the system scans the information
and matches it against thousands of rules. HCL generates
its results in seconds and warns the lender of potential
APR errors, anti-predatory lending law violations and
many other state law prohibitions. An easy-to-use worksheet
is displayed and can be placed in the loan file or sent
to the investor.
The Interlinq E3 web-based loan production platform provides
critical business process management, integration and
connectivity across the mortgage supply chain, enabling
lenders to integrate service providers into their business
process.
The integrated solution is expected to provide the increased
efficiencies lenders have been seeking. Harland Financial
Solutions has approximately 170 lenders using Interlinq
E3 to produce mortgage loans.
"By integrating Interthinx' scoring system into
the Interlinq E3 system, users are able to test loans
for compliance with anti-predatory lending laws more efficiently
from within each loan file," said Joe Filoseta, executive
vice president of Harland Financial Solutions' Mortgage
Solutions Group. Conditions that need to be cleared are
marked for lender attention, and lenders can just click
through to the Interthinx website for more detail. "Later
this year, Interlinq E3 will filter HCL conditions through
its conditions management feature, which helps lenders
track the conditions, data and documents required to perfect
a loan," added Filoseta.
"With the increased emphasis on compliance, the
combination of Interthinx HCL with Harland Financial Solutions'
Interlinq E3 solution offers lenders a powerful weapon
in the effort to prevent predatory lending and many other
compliance violations," noted Mike Zwerner, Sr. Vice
President Business Development & Marketing for Interthinx.
SOURCE: Interthinx
