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Data Analysis |
LooK! |
Anti-Predatory Lending Solution
Managing procedures for guaranteeing compliance with anti-predatory lending laws is a complex, evolving, and very costly endeavor if your organization lacks the tools to automate the process. To solve these growing challenges, many financial institutions have been forced to cease operations in cities and states where they do not have the right resources to comply with the complex and frequently changing statutes and ordinances. There is a better solution.
Reckoner Analysis Engine
Reckoner's comprehensive knowledgebase leverages thousands of man-hours of research work and vast experience handling the innumerable lending rules derived directly from federal, state, and local anti-predatory lending laws and regulations.
Reckoner Analysis Engine is the guts of this analysis service. It contains the analysis rules of the Home Loan Protection Act of 2002 (predatory lending law) as analyzed by Loan Review department.
Automatic calculation of comparable treasury security yields, Fannie Mae and Freddie Mac required net yields, and numerous other financial indexes and data points.
Reckoner Analysis Engine uses Java Object-Oriented capability to provide for easy updates to the Engine with new State laws based upon the Federal ‘Section 32’ law.
There are two analyses that Reckoner Analysis Engine provides, namely High Rate (i) and High Cost (ii). The two triggers are: (i) the Annual Precentage Rate (APR) test, and (ii) the total points and fees test.
APR test is triggered when the annual percentage rate exceeds the yield on U.S. Treasury securities with comparable maturities time periods.
The total points-and-fees test is triggered when the sum of the points and fees exceed a designated percentage limit of the total loan amount.
Today, the Reckoner Analysis Engine implements 18 Federal, State and General analysis business rules.
Reckoner has plug-in business rule capability; making it easy for LooK! to implement new rules.
Potentially, each State and each Local government can also write their own version of the Predatory Loan law and apply it their own lending institutions. Additional States are being added often. This being the case, an application would have a difficult time keeping up with new laws.
A brute-force-method would be to create separate program applications for each set of business rules. With 50 States, some protectorates and local governments, it is easy to see that brute-force-method is not reasonable. Reckoner Analysis Engine uses Java’s object-oriented capability to provide business rule plug-in capability. Each business rule is a Java entity.
Reckoner Web Application
Reckoner Web Application, also know as “PLA Application” uses the Reckoner Analysis Engine and provides a web browser worksheets of the 18 business rules of Reckoner. Go here for PLA Web Application demo. Send a request for more PLA Web Application product information and pricing here.
Reckoner Web Service
Reckoner Web Service, uses the Reckoner Analysis Engine and provides a web service based system allowing access to the Reckoner Engine by your corporate applications. Send a request for more Reckoner Web Service product information and pricing here.
Reckoner Fast
Reckoner Batch, also know as “Reckoner Fast” uses the Reckoner Analysis Engine and provides a service to analyze large quantities of loans using Reckoner Analysis Engine. This is typically used for large lenders or wholesale lenders packaging quantities to be funded by institutions like Fannie Mae. Fast is also used by customer that can wait for over-night processing and prefer anlysis results returned in report form. Contact LooK! Sales Department for Reckoner Fast product information and pricing here.