ARLINGTON, Texas, November 5, 2018 (Newswire.com)
Agora Data, Inc., a leading secondary loan marketplace based in Arlington, Texas, announced today, the release of the first-ever Loan Validation Report for seasoned loans. Agora’s proprietary technology enables car dealers and finance companies to avoid compliance issues with the Truth in Lending Act (Regulation Z), by assessing in real-time any issues with the terms of a loan, either at the portfolio or individual loan level. This includes assessment of the loan APR, Finance Charges, Principal Balance, Total of Payments, Unearned Interest and Gross Balance. Violation of Regulation Z can lead to significant penalties and other legal issues.
Steve Burke, Agora’s CEO, stated, “Before starting Agora, I bought as principal, billions of dollars worth of notes from dealers, finance companies, banks, and credit unions, and I cannot remember a loan portfolio that did not have problems we identified at the time of purchase.” Burke added, “When loans are originated and boarded into a servicing system, they are most likely compliant, however, over time, payments get misapplied, side notes are created, late charges are misapplied and many more things that will take what was a compliant loan and make it no longer compliant. The new Validation Report by Agora gives you the tools to recognize this real-time.”
Before Agora, dealers and finance companies would only find out they have a loan level compliance issue if a regulator, buyer or plaintiff attorney identified the problem. By that point in time, the dealer or lender is at risk of losing money, tarnishing their reputation, and potentially facing serious legal ramifications. By ensuring ongoing compliance with the Truth in Lending Act (Regulation Z) Agora is keeping you safe.
Today Agora is providing this Loan Validation tool for free, with no obligation, as well as loan stratifications, data security, data integrity, DMS API integrations, cash flow analysis and much more. To take advantage of these tools, please visit Agora at www.agoradata.com and sign up for your free account.
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