Magazine article Mortgage Banking

LoanSifter Releases Automated Safe Harbor Disclosure Document to Verify Reg Z Compliance

Magazine article Mortgage Banking

LoanSifter Releases Automated Safe Harbor Disclosure Document to Verify Reg Z Compliance

Article excerpt

LoanSifter, Appleton, Wisconsin, a complete product and real-time pricing platform, is now providing additional assurance for lenders to maintain compliance with federal Truth-in-Lending Act changes through an exclusive automated safe harbor disclosure document. The LoanSifter Safe Harbor Disclosure document provides lenders with a means of demonstrating compliance to meet the new federal rules, with minimal effort.

"With LoanSifter's automated Safe Harbor Disclosure document, I can ensure compliance and get a competitive edge with no added steps," said Jack Terrell; president of California Mortgage Advisors Inc., an innovative, fast-growing mortgage banker in northern California. "LoanSifter uses my investors' data in real time to generate an accurate and customized Safe Harbor Disclosure document, automating our workflow," he added.

The Truth in Lending Act (TILA), also known as Regulation Z, prohibits mortgage originators from directing or "steering" consumers to loan products based on additional compensation to the originator when that loan product may not be in the consumer's best interest.

To comply with the rule, it is suggested that lenders present at least three options, or scenarios, for each loan product type for which a borrower shows interest--including the lowest qualifying interest rate; the lowest qualifying interest rate without certain risky features; and the lowest total cost in dollars, including origination fees and discount points. …

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