ComplianceTech Launches LendingPatterns Lite™, a New Website Designed to Serve Those with a Need to Know More About Mortgage Lending in America

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ComplianceTech, McLean, VA, announces the release of LendingPatterns Lite™. This new free site is designed to serve those with a need to know more about mortgage lending in America and makes the power of the Home Mortgage Disclosure Act (HMDA) data accessible to everyone, anytime, on an easy to use intuitive website.

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This is a great resource for affordable housing/lending and community development professionals. We are really hoping that housing or banking departments at the local and federal level will take advantage of just being able to know who is lending where, and how much lending is being done.

ComplianceTech, McLean, VA, announces the release of LendingPatterns Lite™. LendingPatterns Lite™ is derived from ComplianceTech’s highly popular LendingPatterns Pro paid subscription application. This new free site is designed to serve those with a need to know more about mortgage lending in America. ComplianceTech’s vision for LendingPatterns Lite™ is to make the power of the Home Mortgage Disclosure Act (HMDA) data accessible to everyone, anytime, on an easy to use intuitive website. To gain access to the tool, and to get more information, go to LendingPatternsLite.com. A free registration to LendingPatterns Lite™ provides charts, downloadable PDFs, and the ability to export data in spreadsheet format. This tool is ComplianceTech’s contribution to the public discourse on mortgage lending. Using this valuable data source, the industry and public at-large will become more informed about the business of mortgage lending.

Enacted by Congress in 1975, HMDA provides loan data to the public that can be used to assist in determining whether financial institutions are serving the housing needs of their communities, attract private investments to areas where it is needed, and to assist in identifying possible discriminatory lending patterns.

“One of the reasons we sought to make HMDA data more accessible outside of the compliance arena is to educate those in the field of housing finance about the power of HMDA data for a wide variety of purposes. The national HMDA database that the government makes public every year has a lot of potential to inform the public but falls short because you need to be a data guru to manipulate it. The job of making sense of HMDA data just got easier with LendingPatterns Lite,” says Maurice Jourdain-Earl, Managing Director of ComplianceTech.

LendingPatterns Lite aims to be the one-stop source for free lending and demographic data. The primary focus of the tool is not compliance per se. Instead, the focus is on knowing about lenders and the lending activity in the areas they serve. The website combines a variety of datasets to make the HMDA data come to life to tell a story. “This is a great resource for affordable housing/lending and community development professionals. We are really hoping that housing or banking departments at the local and federal level will take advantage of just being able to know who is lending where, and how much lending is being done. Even the investment banking community, GSEs and those who sell to the industry should find it useful to access general information about a lender and its lending footprint, so they can better understand and serve them. These are basic questions, that before LendingPatterns Lite came along, were difficult to answer,” says Mike Taliefero, Managing Director and Project Manager for LendingPatterns Lite. Other potential beneficiaries of LendingPatterns Lite™ include news services, housing counselors, housing researchers, rating agencies, real estate professionals, builders, libraries, universities, and the public at- large.

LendingPatterns Lite provides easy access to HMDA data at geographic levels ranging from metro area, state and nationally. The site currently contains HMDA data from the 2015 to 2017 (preliminary) and 2010 Census. The LendingPatterns Lite feature-set will expand in the coming weeks to include lending by congressional districts as well as additional filtering capability.

ComplianceTech, based in McLean, VA, is a leading provider of fair lending and Community Reinvestment Act solutions to the federal government, lending institutions, law firms, community organizations and researchers. The company’s software products include LendingPatterns™ and Fair Lending Magic™. The company also offers expert consulting services to help its clients navigate the murky waters of fair lending.

For more information, contact ComplianceTech at info(at)compliancetech(dot)com

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Dana Ginsburg

Michael Taliefero
@compliancetech
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