Clarity Services Launches Compliance Solutions for Utah Lenders
- Security and Compliance , Compliance
- 13.05.2016 08:45 am
As the leading real-time credit bureau for the non-prime market, Clarity Services is prepared to offer a variety of solutions to assist online and storefront lenders with the compliance requirements found in Utah’s current regulations as well as the Deferred Deposit Lending Amendment (Utah Code § 7-23-401) that will become law on July 1, 2016.
The existing lending requirements and the Amendment apply to any lender who conducts deferred deposit lending in Utah or with a Utah resident, regardless of the lender’s physical location. The Amendment also requires that lenders report to, and pull from, a credit reporting agency for proper due diligence.
Clarity has not only created solutions to address these regulations, but also a portal to access them. The Clarity Web Inquiry Reporting Engine (WIRE) was created as an easy, no cost solution to help lenders comply with the need for customer due diligence, and provides a one-stop shop for loan transactions. This unique website allows lenders to:
- Submit inquiries
- Enter new tradelines
- Update existing tradelines
- Run credit reports on applicants for underwriting purposes
“WIRE is geared toward the small-dollar lenders that do not want the added expense or extra headaches of integrating with a Loan Management System,” said Project Manager Craig Lukavec. “If reporting issues occur, or incorrect tradelines are submitted, validation errors and notifications are quickly reported back and can be easily corrected using WIRE.”
For real-time information on an applicant’s debt-to-income ratio and cash flow analysis, Clarity’s Clear Ability to Pay™ helps lenders determine if the applicant has the capacity to take on additional debt. Lenders can further address compliance requirements by accessing a valuable 90-day snapshot of credit inquiries, tradeline activity and outstanding or pending loans with the use of another Clarity product, Clear Recent History™. These products are available now to address existing and upcoming regulations.