Staying Ahead Of The CFPB

Not everyone is struggling to incorporate new CFPB changes into their system. For example, Associated Software Consultants, Inc., developer of the PowerLender Loan Origination System announced today that users have successfully deployed PowerLender’s new integration with the Consumer Finance Protection Bureau (CFPB) to automatically generate the required Housing Counseling Agencies listings for potential borrowers.

PowerLender, which pioneered business-rule flexibility and a single-platform for mortgage and consumer lending, continues to keep users ahead of the compliance curve by delivering tested solutions well ahead of compliance deadlines.

The new CFPB requirement states that lenders must provide all potential borrowers with a list of ten HUD-approved Housing Counseling Agencies that are in the closest geographic proximity to the borrower. The new integration allows lenders to generate the listing from within PowerLender with a single click. The automatically generated document includes the name, address, website, email, phone number, languages spoken and types of services provided for each agency as required by the CFPB. PowerLender allows lenders to customize and brand the list and automatically deliver it to borrowers via email or as printed letters, and also retain a copy in the loan file.

This negates their need to visit the CFPB website, enter the applicant’s ZIP code, retrieve the results, paste them into a document and key the information into the loan file. The integration helps streamline workflow, reduce errors, eliminate redundancies and most importantly, keep current with this latest regulatory requirement.

“PowerLender’s CFPB Housing Counseling Agencies Listings integration represents our ongoing commitment to provide clients with enhanced functionality designed to increase efficiencies and decrease lending costs,” said Daniel Liggett, PowerLender Client Services Director, “And even more importantly, it is another example of how we consistently deliver compliant solutions to meet regulatory requirements well ahead of agency deadlines.”

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