Master Financial Inc., Orange, Calif., has announced that a Predatory Lending Profile module has been added to the automated decision engine of its Internet-based loan origination system, 30Second Desk.Without duplicate data entry, loan-specific data are calculated and run against federal Section 32 regulations and applicable state, county, and city guidelines to ensure compliance, the company said. The new module augments compliance profiles that check federal and state requirements regarding lending restrictions, late charges, prepayment penalties, and licensing. Master Financial, a subprime and alternative-A wholesale mortgage banker, can be found online at http://www.mfiloans.com.
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