South Bend, Ind. (November 11, 2014) – Carleton, the leading provider of compliant consumer lending calculations and document generation services to financial lending institutions nationwide, has enhanced their CarletonDocs and CarletonCalcs software to meet the new Consumer Financial Protection Bureau (CFPB) mandated disclosure requirements for consumer mortgage loans. The Integrated Disclosure rule requirements are part of the Truth in Lending Act (TILA) and Real Estate Settlement Procedures Act (RESPA) that go into effect August 1, 2015.
The TILA/RESPA Integrated Disclosure regulation requires the Loan Estimate (formerly "Good Faith Estimate" and "Early TILA Disclosures") and Closing Disclosure (formerly “HUD-1 Settlement Statement”) documents to be based on the unique features and attributes specific to each individual real estate secured loan. Additional calculated disclosure data will be required to produce the disclosure documents. Over 1,000 different disclosure formats can be required as prescribed by the regulation depending on the specific characteristics of the selected loan product.
Carleton’s solution dynamically generates the disclosure documents based on the attributes for each individual loan ensuring the lender meets each prescribed requirement of the new regulation. “The dynamic generation of documents provided in CarletonDocs enables an LOS provider to support the upcoming TILA/RESPA regulations as well as any future dynamic requirements by the regulators and lenders,” said Deb Grounds, vice president of software services at Carleton.
New software enhancements include all the additional disclosure calculations, alphabetic sorting of fee fields, and the dynamic composing of the fields, formats, and text in the generation of the disclosure documents. Security and version control enhancements have also been added to ensure accurate generation of compliant disclosure documents. Carleton’s solution can be easily integrated and requires no changes to the document generation services already used within the LOS.
"In today’s lending environment, lenders will change their loan products and features to stay competitive,” says Pat Ruszkowski, president and CEO of Carleton. “Under the new regulations, lenders will need to make sure that the format of the disclosure documents remains in compliance when changes are made to their loan products. Carleton’s CarletonDocs solution provides the “peace of mind” that generated disclosure documents always meet the prescribed disclosure rules.”