ComplianceTech Announces Fair Lending Magic™ 4.0 a New Version of its Leading Automated Monitoring Tool for Analyzing Fair Lending Compliance

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ComplianceTech, McLean, VA, announced today a new version of its leading automated monitoring tool for analyzing fair lending compliance. Fair Lending Magic™ 4.0 is a complete online fair lending solution used to effectively monitor a broad variety of potential fair lending risks including redlining, reverse redlining, steering, disparate treatment, and disparate impact.

Quik Analytics™ Dashboard

We are excited to launch the Quik Analytics™ tool module in Fair Lending Magic™. It is going to revolutionize fair lending analytics.

ComplianceTech, McLean, VA, announced today a new version of its leading automated monitoring tool for analyzing fair lending compliance. Fair Lending Magic™ 4.0 is a complete online fair lending solution used to effectively monitor a broad variety of potential fair lending risks including redlining, reverse redlining, steering, disparate treatment, and disparate impact. In Fair Lending Magic™ 4.0, the new Quik Analytics™ module immediately identifies areas of fair lending risk. Using statistical analysis, Quik Analytics™ pinpoints problems and guides the user to appropriate corrective action. With the addition of Quik Analytics™, the user knows where their institution may have a fair lending concern.

Fair Lending Magic™ 4.0 is being unveiled at the Mortgage Bankers Association Regulatory Compliance Conference in Washington, DC on September 20-22, 2015 with rollout to customers in October. Fair Lending Magic™ 4.0 solves the laborious and intellectually intensive task of fair lending statistical risk analysis. Without Fair Lending Magic™ 4.0, the challenge of monitoring fair lending is overwhelming because of the mental energy expended in trying to figure out which products to study, what statistical tests to perform, and what disparities are actionable. The process can be even more difficult for commercial bankers who not only have to monitor mortgage lending but also consumer, automobile, business and other non-mortgage lending.

Fair Lending Magic™, and its companion product LendingPatterns™, were designed by lending industry experts with many years of field experience performing loan due diligence, underwriting, and compliance exam readiness consulting. ComplianceTech also works closely with lenders, federal regulators and enforcement agencies as a fair lending consultant and/or software vendor. The company invented the first commercially available software for fair lending nearly 20 years ago and was the first company to develop software to generate racial and gender proxies for use in fair lending lawsuits.

"We are excited to launch the Quik Analytics™ tool module in Fair Lending Magic™. It is going to revolutionize fair lending analytics, empowering the non-statistician to analyze data and effectively monitor for fair lending issues within their organization," said Maurice Jourdain-Earl, Managing Director of ComplianceTech.

With this release, Quik Analytics™ was introduced to give users the ability to share an overview of fair lending issues with senior management and to guide them as they begin their fair lending analysis. Mr. Jourdain-Earl notes that:
“This is so important because of the complexity of the subject matter and the need to simultaneously combine knowledge and techniques from the disciplines of credit underwriting, law, finance, economics and social science. This level of domain knowledge is almost too much to ask of any person responsible for fair lending. So what we’ve done with Fair Lending Magic™ 4.0 is to essentially provide the user with a guided tour of fair lending risk assessment and monitoring with expert knowledge built into the process.”

In addition, Fair Lending Magic™ includes other helpful utilities including the ability to use the Consumer Financial Protection Bureau’s (CFPB) Bayesian Improved Surname Geocoding (BISG) methodology for race and gender proxies. The Racestimator™ is ComplianceTech's proprietary proxy methodology and has been demonstrated repeatedly to meet customers' needs in achieving a high level of accuracy in proxy estimation. Thus, the Racestimator™ will continue to be available to Fair Lending Magic™ users along with the BISG methodology. Fair Lending Magic™ 4.0 includes “how-to” videos that breakdown and explain various tasks and functions of fair lending analysis. For lenders with data quality challenges, Fair Lending Magic™ also includes the Data Quality Assessment Tool that quickly assesses the quantity and quality of your loan origination system and HMDA data and identifies the various types of fair lending analyses that can be performed with the data that are available.

ComplianceTech, based in McLean, VA is a leading provider of fair lending and CRA solutions to the federal government, lending institutions, law firms, community organizations and researchers. The company’s software products include LendingPatterns™, Fair Lending Magic™, the Racestimator™, and The Premium Pricing Analyzer. ComplianceTech’s products are offered directly or through its reseller QuestSoft Corporation.

For more information contact Dana Ginsburg at DanaGinsburg(at)compliancetech(dot)com or call her on 202-618-7079.

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Dana Ginsburg
ComplianceTech
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