Wednesday, Nov. 28, 2007, 07:00 PM UPDATED 11:59 AMBy Nick Zulovich
BROOKFIELD, Wis. — Fiserv announced earlier this week that it is embedding Carleton's SmartCalcs financial compliance software into its Automotive Solution's Loan Origination System.
Adding SmartCalcs directly into the Fiserv LOS automates rate calculations, validates state usury law compliance and keeps clients up-to-date with all regulatory compliance requirements on an ongoing basis, according to officials.
"As a leader in automotive lending automation, Fiserv recognized synergies in integrating Carleton's best-in-class compliance tools," the company highlighted.
"The robust calculation functionality of SmartCalcs enables both current and future Fiserv LOS clients to accurately support a wide array of payment frequencies, skip payments and irregular payment arrays for automotive loans and leases," executives explained.
They went on to indicate that SmartCalcs can accurately accounts for insurance and after-market add-ons, as well as all federal, state and institutional requirements that impact loan APR calculations.
Moreover, officials pointed out that use of the calculation and compliance tools is seamless for Fiserv LOS clients. Dependence on maintaining tables is eliminated because regulatory updates are compiled automatically by the solution.
"Fiserv is committed to bringing additional value to our clients by making SmartCalcs functionality part of our solution," noted Kevin Collins, president of Fiserv Automotive Solutions.
"This integration automatically makes our Fiserv LOS clients compliant with federal and state lending regulations. Instead of dealing with the complexity of maintaining regulatory compliance state-by-state, lenders can focus their resources on bringing in more business," he continued.
Pat Ruszkowski, president and chief executive officer of Carleton, added, "Having SmartCalcs available within the Fiserv LOS application alleviates compliance maintenance issues. Carleton is pleased to work with Fiserv to deliver accurate and reliable tools that make the lending process more efficient."
According to Fiserv, the addition of Carleton's calculations and product capabilities are the first step in expanding its loan and lease compliance and sets the stage for future enhancements.