MCLEAN, VA./ MARCH 11, 2019 (STL.News)
ComplianceTech today announces enhancements to LendingPatterns™ in advance of the 2018 HMDA data release by the Consumer Financial Protection Bureau (CFPB). LendingPatterns™ now includes the ability to analyze mortgage lending activity using the expanded HMDA data fields, such as applicant age, debt-to-income, combined loan-to-value and property value.
“The public release of 2018 HMDA data in the new format will be a game changer. Now is the time for credit unions, as well as other lenders, to gain the insight they need to manage both compliance and strategic lending. The onus is on the lender to know their respective HMDA data story,” said Maurice Jourdain-Earl, Managing Director of ComplianceTech.
LendingPatterns™ is widely used by credit unions, mortgage companies, banks and regulators. The National Credit Union Administration (NCUA) has selected ComplianceTech software products, LendingPatterns™ and Fair Lending Magic™ for examiners to use for onsite and off-site fair lending supervision and monitoring. ComplianceTech will be showcasing its products at the CUNA Governmental Affairs Conference in Washington, DC on March 10-14, 2019. Conference attendees can stop by booth 713 to receive a Comprehensive Fair Lending Scoping Report. The report provides an indication of underwriting, pricing and redlining disparities in mortgage lending.
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. ComplianceTech, founded in 1992 and headquartered in McLean, Virginia, is a leading provider of software and services to make fair and responsible lending easier. ComplianceTech aspires to be a valued resource for information, education, and technology for HMDA, fair lending and CRA analysis.
For more information, contact Dana Ginsburg Director, Business Development and Customer Relations at [email protected] or call her on 202-618-7079.