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Mavent Inc.
 Reviews / Baseline Compliance Reviews / TILA
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Truth in Lending

Mavent’s Baseline Compliance Reviews include comparisons, tests, functions and calculations under the Truth In Lending Act (click here for a description of Mavent's Section 32/HOEPA review):

Federal Truth in Lending Act Tolerance Tests (TILA/Tolerance)

Mavent recalculates the following amounts and schedules based on the loan data submitted to the system to determine if the loan is within the permissible Finance Charge Tolerances ($35 and $100) and APR Tolerance (1/8 of 1%).

  • Finance Charge Amount
  • Annual Percentage Rate (APR)
  • Payment Schedule
  • Amount Financed
  • Total of Payments
  • Amortization Schedule

Federal Truth in Lending Act Right of Rescission Tests (TILA/ROR)

Mavent validates that the rescission period for the loan is in compliance with Truth In Lending timing requirements by comparing the Loan Disbursement Date to the latest of the following dates provided in the loan data submitted to the system:

  • Document Sign Date
  • Last Disclosure Date
  • Right of Rescission Expiration Date
  • HOEPA Disclosure Date (if applicable)