By Amir Dabiri - February 17, 2014
We have recently received calls from customers that during audits have been asked to validate the accuracy of the Truth in Lending Act (TILA or also known as regulation Z) computations. Many of them get overwhelmed when asked to do so. If you have worked with auditors, you know that it always come down to “prove it to me, you’re doing it right”. To make this task more daunting, TILA does not provide any validation tools. If you read the law, it provides examples but it leaves it to each individual to accomplish the computations. That leaves you in a predicament if you are not familiar with financial formulas. A good tool to use is APRWIN. This is free software from, The Office of the Comptroller of the Currency. It’s the tool of choice for federal auditors to utilize when conducting banking and financial audits to validate TILA computation.
ABCoA is a Software-as-a-Service company dedicated to the subprime industry. Our cloud-native ecosystem handles every part of business operations - improving productivity, security and accuracy, while consolidating vendors and reducing costs.
Since 1983, ABCoA has helped buy here pay here used car dealerships and subprime finance companies eliminate duplication, remain compliant, and achieve success with complete, customer-driven software and dependable support. Customers properly using Deal Pack have never lost an IRS audit.
Recently awarded Top Online Accounting Software for Deal Pack, ABCoA continuously elevates the standard for software in the subprime industry and helps customers grow through our commitment to quality, innovation, and service. Headquartered in Jacksonville, Florida with employees across four states, we remain family-owned and operated.
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