/24-7PressRelease/ - (CRANBURY, N.J.) - September 28, 2005 - Visionet announces the general availability of VisiHCLAS - High Cost Lending Analysis and remediation System for the residential mortgage industry. VisiHCLAS helps auditors determine if a loan complies with the Local, State or Federal laws and regulations. It similarly helps the residential loan originators determine the appropriate fee distribution well within the boundaries of applicable rules and regulations. VisiHCLAS supports multiple loan scenarios to help originators comply with the applicable laws. The Federal/State/County level rules (Zip Codes) determine what fees are part of the APR calculation. VisiHCLAS rules engine enforces quantitative rules through automated calculations while supporting qualitative review through interactive checklists.
VisiHCLAS has taken the complexity out of the predatory lending analysis through innovative use of a rules engine, workflow and application design. The analysis can be done in an interactive (WHAT-IF) manner or in a batch mode. VisiHCLAS allows the end users to change or add new rules without the vendor or internal Information Technology Group's involvement. VisiHCLAS uses Visionet's workflow technology. It routes exceptions and distributes tasks based on skill profiles. It provides a view to each user as to the number of loans setup for review and loans which have completed the high cost analysis. The users can filter this view through various attributes like, date range, loan number, borrower name, State of the subject property, etc.
Other salient features include an integrated APR calculator, integration with most origination systems and web based comprehensive reporting. Visionet also provides the rules updates through a subscription. The solution can be hosted by the client or through web services.
ABOUT VISIONET SYSTEMS INC.
Visionet has spent the last decade working with the top mortgage companies in the country, building various mortgage industry-specific products and solutions. The product suite includes VisiPOS , VisiCompiance , VisiTrak , VisiOCR , VisiEscrow and VisiRelease . In addition, Visionet's professional services include production lead management, product recommendation engines, channel and broker profitability, post-close compliance automation, loan boarding and special loan setup, escrow float and shortage management; repurchase management, default risk analysis, loss estimation and tracking and REO.
CONTACT:
Arshad Masood
Visionet Systems Inc.
609-452-0700 Ext. 1119
arshad@visionetsystems.com
http://www.visionetsystems.com---
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