Cloud-based loan origination system defi SOLUTIONS integrated Carleton SmartCalcs into its platform this week.

Officials highlighted defi SOLUTIONS customers now can access Carleton’s 40 years of compliance expertise to assure federal and state lending interest, fees and the annual percentage rate maximums are not exceeded.

From within the defi SOLUTIONS system, SmartCalcs automatically can validate the loan disclosure items against state usury laws and federal Truth in Lending, assuring clients compliance.

Carleton also intends to keep defi SOLUTIONS clients up to date with all regulatory compliance requirements on an ongoing basis.

Carleton president and chief executive officer Pat Ruszkowski said, “defi SOLUTIONS shares our same objective of providing customers with a comprehensive set of validation tools that allow them to focus on their business and customer relationships instead of managing the complex federal and state compliance requirements."

With defi SOLUTIONS, clients have the ability to coordinate the lending process from end-to-end (the online application to decision to verification and then to underwriting). defi’s SOLUTIONS program can increase efficiency by minimizing manual processes.

Stephanie Alsbrooks, chief executive officer of defi SOLUTIONS, insisted the provider created an LOS that can meet the complex requirements of large institutions but is also quick to deploy, scalable and affordable for the general auto financing industry.

“Integration with Carleton will give defi clients the ability to more easily comply with federal and state lending regulations from within their LOS,” Alsbrooks said.

“Our clients will also be able to validate against in-house defined underwriting lending requirements which further extends our goal of offering the most flexible and configurable LOS on the market,” she continued.

The integration with Carleton SmartCalcs comes on the heels of defi SOLUTIONS signing First Access Funding Corp. to its client roster.

First Access Funding is privately held non-prime auto finance company based in Edmonton, Alberta. President and CEO David Ballantine initially met Alsbrooks at the National Automotive Finance Association Non-Prime Auto Financing Conference a year ago.

“We weren’t looking for a new LOS vendor at the time, but Stephanie’s overall industry knowledge and ability to express an action plan with confidence was key,” Ballantine said.

Ballantine said the defi SOLUTIONS LOS is already making a significant impact on First Access business processes.

“Our systems now communicate front to back, eliminating hours of manual re-entry by our accounting staff. In addition, the streamlined nature of the LOS saves our credit analysts a lot of time and it helps reduce errors so we win more deals with speed and accuracy,” he said.

Ballantine added, “defi SOLUTIONS came in and delivered on time and on budget and was responsive to our questions and requests. They remain accountable, accessible, and reliable, and it has made all the difference for our business.”