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.
Visit our website www.OCIE.net
for OCIE Better Enterprise Content Management Solutions for business.