DocsDirect Adds Brooks Systems' Math Engine, Subtracts Risk of Inaccurate Closing Packages.Business Editors McKINNEY, Texas--(BUSINESS WIRE)--March 29, 2004 Partnership Bolsters Industry Protection, Supports Truth in Lending and Predatory predatory pertaining to predator. predatory behavior the hunting of birds, mice and small reptiles by cats and the hunting and herding behavior of dogs, often facilitated in a pack. Lending Regulations DocsDirect, developer of a Web-based, intuitive mortgage closing document solution, announced its integration with Brooks Systems Financial Technologies' math engine for determining and producing amortization and payment schedules and mortgage payments for all its document packages. Brooks Systems provides automated compliance solutions and loan analysis for the residential financial industry, and the partnership will help DocsDirect calculate Truth in Lending Act The Truth in Lending Act is contained in Title I of the Consumer Credit Protection Act (15 U.S.C.A. § 1601 et seq.). The CCPA is designed to assure that every customer who needs Consumer Credit is given meaningful information concerning the cost of such credit. requirements for closing documents via the Internet. "Brooks Systems pays careful attention to regulatory and market changes, and will support a complex variety of mortgage programs offered by DocsDirect including adjustable rate mortgages This article is about the US mortgage type. For an international perspective, see Variable rate mortgage. An adjustable rate mortgage (ARM) is a mortgage loan where the interest rate on the note is periodically adjusted based on an index. , interest first and interest only products," said Dennis Schwartz, founder and president, DocsDirect. "Brooks Systems' high-quality software, industry expertise and web-based business environment seamlessly complements the objectives of the DocsDirect document solution." DocsDirect also expects to release an interface with Brooks Systems' High-Cost Loan Analysis (HCLA HCLA Health Coalition on Liability and Access HCLA Health Care Liability Alliance HCLA Hellenic Canadian Lawyers' Association ) for predatory lending in the second quarter. HCLA will enable DocsDirect to provide quick and dependable validation against federal, state, county, municipal and investor criteria for loans. DocsDirect's interface with HCLA will allow users to carefully scrutinize scru·ti·nize tr.v. scru·ti·nized, scru·ti·niz·ing, scru·ti·niz·es To examine or observe with great care; inspect critically. scru fees, penalties and other factors associated with predatory lending practices. "Protecting the sanctity of loan information safeguards borrowers and lenders from fraud and preserves the integrity of the financial industry," said Robert Brooks
"Failing to meet federal and state-mandated regulations for predatory lending creates a crisis of confidence and huge losses for both borrowers and lenders," added Schwartz. "As DocsDirect expands into broader markets, carefully auditing a file against predatory lending practices before a loan closes becomes increasingly crucial to the company's success and, on a larger scale, the overall health of the industry." DocsDirect's parent company, Schwartz & Associates, real-estate law, has used Brooks Systems' services for more than 12 years as a primary math engine for preparing closing documents and verifying calculations produced by other software products. Brooks Systems Brooks Systems, located in New London New London, city (1990 pop. 24,540), New London co., SE Conn., on the Thames River near its mouth on Long Island Sound; laid out 1646 by John Winthrop, inc. 1784. , Conn., has been a provider of automated compliance and loan analysis for the residential financial industry for more than 20 years, servicing more than 10,000 clients in all 50 states, Puerto Rico Puerto Rico (pwār`tō rē`kō), island (2005 est. pop. 3,917,000), 3,508 sq mi (9,086 sq km), West Indies, c.1,000 mi (1,610 km) SE of Miami, Fla. and Canada. Brooks Systems provided the Federal Home Loan Bank Board with the first PC module for auditing disclosures in the 12 regions and 39 districts. Brooks Systems also wrote the first reimbursement Reimbursement Payment made to someone for out-of-pocket expenses has incurred. program for the FHLBB FHLBB abbr. Federal Home Loan Bank Board and helped establish disclosure requirements and calculation methods for adjustable rate mortgages. Brooks Systems serves 11 of the top 15 and 31 of the top 50 lenders in the nation, as well as government organizations, mortgage bankers Mortgage Banker A company, individual or institution that originates, sells and services mortgage loans. Notes: Don't confuse a mortgage banker with a mortgage broker. and brokers, credit unions, attorneys and title companies. For more information, visit the company at www.brookssystems.com. About DocsDirect McKinney, Texas-based DocsDirect is a full-service document solutions provider. Founded in 1989, DocsDirect is a Web-based, intuitive, closing document system for wholesale lenders and their brokers. DocsDirect is the first system capable of reducing errors and redundancies throughout the entire loan process, saving mortgage professionals both time and money. For more information, visit the company at www.docsdirect.com. |
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