Visionet Releases High-Cost Detection Tool

Visionet Systems, Cranbury, N.J., has launched VisiHCLAS, a high-cost predatory-lending analysis and remediation tool for lenders and servicers.VisiHCLAS helps mortgage companies manage and monitor situations where a high-risk loan warrants additional charges. The system allows users to evaluate fees and interest rates against the statutory limits set by high-cost loan regulations by focusing on three types of rules: channel/broker/area-specific rules, corporate guidelines and interpretation of statutory rules, and base/HOEPA/section 32 and state rules. VisiHCLAS works on an exception-management-based workflow system and allows the user to customize and select rules without IT's involvement. VisiHCLAS also enables users to specify loan numbers to be set up for review within VisiHCLAS, and the system in return pulls in the loan data and fee information from VisiHCLAS for the specified loans and sets up the loan analysis tasks in the system. The company can be found on the Web at http://www.visionetsystems.com.