The Loan Origination and Documentation System (LODS), released by 401kLoans, LLC, is a system that provides a process for the application, review, and closing of a plan loan online. At the same time, participants applying for a plan loan are provided with the disclosures and documents required by federal and state law, according to a news release.
Additionally, the system’s calculation engine supports the usual payroll frequencies, fee structures and disclosure obligations, to streamline the plan sponsor’s administration of these loans, according to the firm. 401kLoans monitors federal and state lending and Employee Retirement Income Security Act (ERISA) to respond to changes affecting the system functionality and output.
Optional features allow the participant to receive on-line guidance, alternative loan options and credit life coverage.
More information is available by contacting Bill Fournier at (800) 209-2818.