Home / Compliance Services / CarletonAudit®

When is the last time you checked the numbers on your contracts?

At Carleton, we believe service providers to the financial industry must be more than vendors. They need to be actively-engaged partners. Partners don't just collaborate. They stand behind their clients. That's why we established an important professional service called CarletonAudit®. CarletonAudit® provides a credible independent validation and audit review of consumer loan calculations.

Carleton's experienced Compliance department provides confidential audit services that include loan transaction analysis and validation against specific federal and state regulations.

  • CarletonAudit® is designed to prove whether or not numerical contract disclosures are accurate and provide key analysis to ensure your operation has been evaluated by an expert third party with detailed reporting and insight highlighting any variances from the defined basis of computations. Depending on your needs, our CarletonAudit® services may include:
    • APR and Truth In Lending "Fed Box" Disclosure Validation
    • State Maximum Charge (Usury) Validations
      • Fees - Depending Upon the Applicable loan class and governing statutory citation, different defined fees may be a component of the state maximum usury validation audit
      • Maximum Interest analysis including different interest methods (simple interest, add-on interest, melded "Split" "tiered" or "stepped" rates, discount, and many other interest methods as defined in state statutory lending laws.)
  • Servicing System Analysis (including a review of NSF Fees, Late Charges, and Payment Allocation)
  • CarletonAudit® can analyze complex transactions (such as semi-monthly payment frequencies) and also includes US Rule APR calculations that APRWin and other compliance tools do not address or handle
  • CarletonAudit® can be used to validate a small portfolio of select loans, all the way up to entire portfolios of thousands of calculations depending upon the scope and purpose needed by our lending clients.

The Solution

CarletonAudit® service provides a credible independent validation and audit review of consumer loan calculations as recommended by CFPB. CarletonAudit® Loan Suite of Software and compliance solutions used by lenders nationwide. CareltonAudit provides the proper auditing controls necessary to make sure your loan origination and servicing software, provided by third-party vendors or developed internally, are fully compliant with all applicable federal and state regulations. This service can also be used to verify calculation compliance when purchasing loan portfolios.

The loan calculation compliance review includes the following audits:

  • Regulatory maximum charge validation
  • Truth-In-Lending Act (TILA) Annual Percentage Rate (APR) validation
  • Federal disclosures (Fed Box) validation
  • Loan balancing validation
  • Loan fee(s) validation
  • Loan servicing validation

To order, please call 574-243-6040 to speak with a Sales Representative.