ComplianceTech Announces a Major Update to its Industry Leading Web-based Tool for Mortgage Lending Intelligence and Fair Lending/CRA Compliance

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ComplianceTech, McLean, VA, announced today a major update to its industry leading web-based tool for mortgage lending intelligence and fair lending/CRA compliance. This new update helps lenders, regulators, researchers, and community-based housing organizations to identify communities with limited access to credit.

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These new features are designed to help lender's identify areas of opportunities and where they need to devote origination resources. These reports also can be used it reveal potential redlining risk.

ComplianceTech, McLean, VA, announced today a major update to its industry leading web-based tool for mortgage lending intelligence and fair lending/CRA compliance. This new update helps lenders, regulators, researchers, and community-based housing organizations to identify communities with limited access to credit. The system compares a lender’s market share in majority-minority versus majority white census tracts. If the differences in the lender’s market share are statistically significant those communities are highlighted. In addition, the tool adds new features to allow users to create robust peer groups based on various business model orientations.    Fair lending professionals, regulators and researchers can now group lenders by origination, product and primary or secondary market business model strategy. Accurate peer group comparisons put a lender’s fair lending and CRA performance in a proper perspective. With the latest version, lenders will be able to create robust peer groups to allow for robust peer analysis to allow a comparison of lenders with similar business models.

LendingPatterns™ is a web-based data mining and exploration tool that analyzes millions of loan applications for thousands of lenders to produce executive level reports on numerous aspects of mortgage lending.

The LendingPatterns™ reports are being unveiled at the Mortgage Bankers Association Regulatory Compliance Conference in Washington, DC on September 18-20th,, 2016. The latest reports come as the mortgage industry awaits the release of the 2015 national HMDA data later this month.

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 also works closely with hundreds of lender's, federal banking and enforcement agencies as well as fair lending consultants and software vendors. 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.

“These new features are designed to help lender's identify areas of opportunities and where they need to devote origination resources. These reports also can be used it reveal potential redlining risk," said Maurice Jourdain-Earl, Managing Director of ComplianceTech.

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™ 4.0, the Racestimator™, The Premium Pricing Analyzer, and LMI and Minority Zip Code Opportunity Maps™. ComplianceTech’s products are offered directly or through its reseller Questsoft.

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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