AGORA Announces Release of First-Ever Loan Validation Report for Seasoned Loans

AGORA Data, Inc., a leading secondary loan marketplace based in Arlington, Texas, announced today, the release of the first-ever Loan Validation Report for seasoned loans. AGORA’s proprietary technology enables car dealers and finance companies to avoid compliance issues with the Truth in Lending Act (Regulation Z), by assessing in real-time any issues with the terms of a loan, either at the portfolio or individual loan level. This includes assessment of the loan APR, Finance Charges, Principal Balance, Total of Payments, Unearned Interest and Gross Balance. Violation of Regulation Z can lead to significant penalties and other legal issues.

Steve Burke, AGORA’s CEO, stated, “Before starting AGORA, I bought as principal, billions of dollars worth of notes from dealers, finance companies, banks, and credit unions, and I cannot remember a loan portfolio that did not have problems we identified at the time of purchase.” Burke added, “When loans are originated and boarded into a servicing system, they are most likely compliant, however, over time, payments get misapplied, side notes are created, late charges are misapplied and many more things that will take what was a compliant loan and make it no longer compliant. The new Validation Report by AGORA gives you the tools to recognize this real-time.”

Before AGORA, dealers and finance companies would only find out they have a loan level compliance issue if a regulator, buyer or plaintiff attorney identified the problem. By that point in time, the dealer or lender is at risk of losing money, tarnishing their reputation, and potentially facing serious legal ramifications. By ensuring ongoing compliance with the Truth in Lending Act (Regulation Z) AGORA is keeping you safe.

Before AGORA, dealers and finance companies would only find out they have a loan level compliance issue if a regulator, buyer or plaintiff attorney identified the problem. By that point in time, the dealer or lender is at risk of losing money, tarnishing their reputation, and potentially facing serious legal ramifications. By ensuring ongoing compliance with the Truth in Lending Act (Regulation Z) AGORA is keeping you safe.

Steve Burke

CEO

Today AGORA is providing this Loan Validation tool for free, with no obligation, as well as loan stratifications, data security, data integrity, DMS API integrations, cash flow analysis and much more. To take advantage of these tools, please visit AGORA at www.agoradata.com and sign up for your free account.

About AGORA Data, Inc.

Founded by industry veterans, AGORA Data, Inc. is an Arlington, Texas-based developer of financial services enabling software and solutions. Its flagship application AGORA was launched to create a true marketplace for buyers and sellers of auto loans. With the launch of its initial commercial release, AGORA has turned to buildout subsequent releases to include extremely robust due diligence, pricing, reporting and compliance modules for the platform. Visit www.agoradata.com for more information.

Source: AGORA Data, Inc.


Categories: Automotive, Finance

Tags: auto finance, buy here pay here. loan exchange, car dealers, loan marketplace, loan scoring


About AGORA Data, Inc.

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Agora Data, Inc. ("AGORA"), a Texas-based provider of technology solutions for the financial services industry.

AGORA Data, Inc.
200 North Mesquite Street, Suite 220
Arlington, TX 76011
United States