Compliance Validation APIs
Computations Supported by Industry-Leading Compliance Expertise
Throughout the purchasing process, one of the most important phases is analyzing and validating the payment data. There's no margin for error and it's critical your software generates the most precise and compliant calculations. Without these components, you run the risk of getting fined.
Compliance API
This validation component establishes and enhances contract disclosure compliance anywhere within your platform or workflow. Existing booked contract values (including TILA disclosures and associated loan amounts, payment schedules, interest rates, and fees) are compared against federal, state, and institutional requirements, and then outputs are returned directly to the calling application.
Federal Regulatory Compliance Features:
- TILA APR Validation by Actuarial or US Rule Method
- TILA 'Fed Box' Validation
- Payment Schedule and Maturity Date Validation
- Total Sale Price Validation
State Regulatory Compliance Features:
- Ability to Implement Internal Policy Checks
- State Maximum Interest/Usury Validation
APR Validation API
This API will verify Truth in Lending APR values by the Actuarial or United States Rule methods as outlined in Regulation Z. Also, be able to compute Truth in Lending APRs for transactions with multiple disbursements and fees charged at different points of time. The APR Validation API also provides additional flexibility and configurations to properly account for a variety of payment frequencies, odd first payment intervals, and last day of the month considerations.
