Fiserv Lending Solutions is embedding Carleton Inc.’s SmartCalcs financial-compliance software into its automotive-loan-origination system that will automate rate calculations, validate state usury-law compliance and keep Fiserv clients up-to-date with regulatory compliance.
The SmartCalcs functionality can support an array of payment frequencies and alternative arrangements (skip or irregular payments) for loans and leases. SmartCalcs will also account for insurance and after-market add-ons, as well as all federal, state and institutional requirements that impact loan APR calculations, according to Fiserv of Brookfield, WI.
The Fiserv automotive-lending division is an indirect auto- finance-support operation that handles software and outsourced services for lending and portfolio management, and is concentrated on new e-channel efforts like electronic contract management. Carleton works with a number of vehicle financing clients, including Toyota Motor Credit, Chrysler Credit, American Suzuki Motor Corp. and Mitsubishi Motors Credit of America.
