McCLEAN, Va.–NCUA has selected several solutions from ComplianceTech for examiners to use for onsite and off-site fair lending supervision and monitoring.
The agency will use the company’s LendingPatterns and Fair Lending Magic offerings.
“NCUA joins other federal and state regulatory agencies who trust ComplianceTech’s suite of web-based software tools to improve workflow efficiency and effectiveness of their compliance and fair lending examinations. We are thrilled to support this vital segment of the regulatory community” said Michael Taliefero, managing director of ComplianceTech.
According to the company, LendingPatterns is a web-based data mining and analytical tool that uses Home Mortgage Disclosure Act (HMDA) data to analyze loan applications for every lender required to report HMDA data. The tool contains data from 2004-present allowing for trend analysis on all aspects of mortgage lending. The reports identify potential areas of fair lending risk related to underwriting, pricing and potential redlining, ComplianceTech said.
‘Efficient Statistical Evaluations’
ComplianceTech further said Fair Lending Magic automates compliance and fair lending risk analysis for all types of loans. It quickly and efficiently conducts statistical evaluations that lead to effective mitigation of fair lending and other compliance risks.
“The tool provides loan-level details for underwriting and pricing matched pair reports,” according to ComplianceTech. “In addition, it identifies exceptions to stated underwriting rules. Fair Lending Magic includes a geocode engine and robust proxy methodologies for users interested in analyzing non-mortgage loans, as well.”
The company said LendingPatterns and its companion product, Fair Lending Magic, were designed by lending industry experts with many years of field experience performing loan due diligence, underwriting, and compliance exam-readiness consulting.
Works With Hundreds of Lenders
ComplianceTech said it works closely with hundreds of lenders, federal banking and enforcement agencies as well as fair lending consultants and software vendors. The company noted it invented the first commercially available software for fair lending nearly 20 years ago and was the first company to develop software to apply racial and gender proxies for use in fair lending.
ComplianceTech provides fair lending (ECOA and FH Act) and Community Reinvestment Act (CRA) solutions to the federal government, lending institutions, law firms, community organizations and researchers.