Magazine article Mortgage Banking

New LoanSifter Enhancements Help Lenders Maintain Reg Z Compliance

Magazine article Mortgage Banking

New LoanSifter Enhancements Help Lenders Maintain Reg Z Compliance

Article excerpt

LoanSifter Inc., Appleton, Wisconsin, a complete product and pricing platform, has enhanced its solutions to help lenders maintain compliance with federal Truth-in-Lending Act (TILA) changes that were scheduled to take effect on April 1, 2011, while at the same time continuing to deliver intuitive, real-time, up-to the-minute loan pricing with integrated marketing and secondary tools.

The Truth in Lending Act, also known as Regulation Z, requires lenders to disclose clear terms of all lending arrangements and all costs. The scheduled changes to Regulation Z will prohibit mortgage brokers and loan officers from receiving a yield-spread premium--compensation based on a loan's interest rate or other terms.

The enhancements to LoanSifter's product suite enable clients to customize and report on their own loan officer compensation plans, thus providing them with the tools to better manage their compliance needs. These compensation plan changes flow throughout the entire system, including search results, loan origination system (LOS) integrations, secondary desk, management reports, auto-quoting, website quoting and marketing campaigns.

"LoanSifter has made the transition of incorporating loan officer compensation into our daily workflow easier than we could have ever imagined," said Jeff Young, vice president of secondary at Bloomington, Illinois-based Mortgage Services III LLC. …

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