We are very excited to present these cutting-edge features to the lending industry. It makes the preparation and filing of HMDA data easy and accurate. All FFIEC edit checks are built in with a 7-step process flowing from import to submission.
MCLEAN, Va. (PRWEB) February 26, 2018
ComplianceTech, McLean, VA, announces a new release of Fair Lending Magic™, the widely used web-based tool for mortgage lending intelligence and fair lending/CRA compliance. The Fair Lending Magic™ updates are being unveiled at the CUNA Governmental Affairs Conference in Washington, DC on February 25-27th.
Today, ComplianceTech announced the availability of an extensive data validation and verification module for the new 2018 HMDA data fields. Of particular interest is the ability to filter and analyze data with the expanded race and ethnicity filters required in the new HMDA filing data format. In addition, lenders are now able to import, validate and prepare data according to the 2017 and 2018 HMDA submission requirements. These new features allow subscribers to Fair Lending Magic™ to be ready for 2017 HMDA submission this year ad the HMDA 2018 submission next year. Included in the tool is a Universal Loan Identifier (ULI) generator to make it easy for lenders to comply with new HMDA requirements.
“We are very excited to present these cutting-edge features to the lending industry. It makes the preparation and filing of HMDA data easy and accurate. All FFIEC edit checks are built in with a 7-step process flowing from import to submission. All of this allows Fair Lending Magic™ users to conduct a robust fair lending analysis," said Maurice Jourdain-Earl, Managing Director of ComplianceTech.
Fair Lending Magic™ automates compliance and fair lending risk analysis for all types of loans. It equips the fair lending analyst with the tools needed to quickly and efficiently conduct self-evaluations that lead to effective mitigation of fair lending and other compliance risks.
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 hundreds of lenders, federal banking and enforcement agencies as well as software vendors.
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™, 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.