MCLEAN, Virginia – (BUSINESS WIRE) – ComplianceTech, McLean, VA, today announced that the National Credit Union Administration (NCUA) has selected its web-based suite of specialty software products including LendingPatterns ™, Fair Lending Magic ™, Fair Servicing ™ and HMDA Ready ™ to complete on-site and off-site fair loan reviews; and conduct off-site monitoring of approximately 1,700 Home Mortgage Disclosure Act (HMDA) reporting credit unions.
“We are delighted that the NCUA, along with other members of the regulatory community, has chosen Tech Compliance for its fair loan software needs. We are pleased to be able to help credit union examiners, through technology, increase their efficiency and better understand the behavior of credit unions with respect to the Equal Opportunity Act compliance. credit (ECOA). I believe the entire credit union industry benefits from NCUA’s use of our technology-driven approach to loan scoping and statistical analysis. Better technology reduces the risk of false positives that are not supported by the data. I also think the pandemic has taught us that with the right SaaS technology, incredibly detailed fair loan reviews can effectively be performed remotely, ”said Michael Taliefero, Managing Director of ComplianceTech.
LendingPatterns ™ is a web-based analysis and data mining tool that uses public and private Home Mortgage Disclosure Act (HMDA) data to analyze loan applications from each lender required to report HMDA data. The company believes that the uniqueness of LendingPatterns lies in the design of reports by industry experts to identify potential areas of fair lending opportunity and the risks associated with underwriting, pricing and potential redlining. Fair Lending Magic ™ (FLM) deepens the risk analysis of equity lending for mortgages, consumer and small business. It quickly and efficiently performs statistical assessments that lead to effective mitigation of fair equity loans and other compliance risks using robust regression and other methods such as matched pair analysis, value studies outliers and derogations / exceptions reports. Fair Lending Magic ™ includes a geocoding engine with robust proxy methodologies, including BISG, for application to non-mortgage lending. Fair Maintenance ™, extends the FLM platform to uncover potential risks related to the ECOA / Fair Housing Act (FH Act) that arise from loss mitigation activities.
HMDA Ready ™, recently added to ComplianceTech Suite, is used to prepare and submit an HMDA Loan Application Record (LAR). It can be used in HMDA cleanings / audits by regulators to investigate the integrity of the compliance management system (CMS) at the start of a review. Lenders also benefit from HMDA data validation, industry benchmarking, and identification of problematic outliers before submission to regulatory authorities or self-check analysis.
ComplianceTech, based in McLean, VA is a leading provider of Equitable Lending (ECOA and FH Act) and Community Reinvestment Act (CRA) solutions to the federal government, lending institutions, law firms, community organizations and researchers. The company’s software products include LendingPatterns ™, Fair Lending Magic ™, Fair Servicing ™, HMDA Ready ™ and CRA Check ™.
For more information, contact Dana Ginsburg at DanaGinsburg (at) compliancetech (dot) com or call her at 202-618-7079.