You make loans for or provide credit to your students–and take servicing seriously. You want to keep your loans in house, and remain in control of how you want to structure and manage your loan program.
But with increasing government scrutiny on private loans, and regulations changing rapidly, providing financing options for students and families has become more challenging than ever. It’s difficult to keep up with an ever-changing regulatory environment while still running a successful organization.
ComplianceManager can help. With this innovative online platform, you can ensure your loan program is fully compliant with all current regulations. Our secure, web-based document generation program provides accurate, up-to-date forms and processes, which adhere to Truth-In-Lending regulations.
Best of all, there’s no system to manage or maintain – just a simple subscription fee to pay as you go.
What makes our tool so ideal for schools who originate their own loans is its turnkey approach to document generation and management. ComplianceManager ensures that all Truth-In-Lending forms, disclosures and notices are federally compliant – and updated accordingly when rules change. All application forms, retail installment contracts, and required disclosures are generated within the online experience and are in full compliance with all applicable federal regulations. Applicable federal regulations include the Fair Credit Reporting Act, the Truth-In-Lending Act, and the Dodd-Frank Wall Street Reform and Consumer Protection Act.
In addition, our electronic signature process adheres to all requirements set forth in the Electronic Signatures and Records Act. All documents are in PDF form and can be downloaded, saved and printed for easy record keeping. The platform also offers a full audit trail of every transaction including date/time stamped document generation, email logs and electronic signatures.
With ComplianceManager’s round the clock access, you’ll have the convenience of using the system when it fits YOUR schedule. And because it’s 100% online, it means faster processing time for you and your students. Most importantly, you can tailor your ComplianceManager platform to meet to needs of your school, including interest rates, repayment terms and credit criteria.
With an array of customizable options, you’re in control of your own unique loan origination platform. You can can create a ComplianceManager System that works best for you and your students while still remaining compliant with the ever changing regulatory environment.
Click here to view the ComplianceManager information sheet.