“The Massachusetts Division of Banking joins other governmental or regulatory enforcement agencies who trust ComplianceTech’s suite of web-based software tools to improve workflow efficiency and effectiveness of their compliance and fair lending examinations."
MCLEAN, Va. (PRWEB) September 17, 2018
ComplianceTech, McLean, VA, ComplianceTech today announced that the Massachusetts Division of Banking (DOB) has selected LendingPatterns™ for examiners to use in onsite and off-site fair lending supervision and monitoring of mortgage lenders in the Commonwealth of Massachusetts. LendingPatterns™ met the DOB’s requirement for a web-based market analysis solution to enable bank examiners to promptly rank lenders against institutions, particularly as it relates to their lending in substantially majority-minority census tracts.
“The Massachusetts Division of Banking joins other governmental or regulatory enforcement agencies who trust ComplianceTech’s suite of web-based software tools to improve workflow efficiency and effectiveness of their compliance and fair lending examinations,” said Michael Taliefero, Managing Director of ComplianceTech.
LendingPatterns™ is a web-based data mining and analytical tool that uses Home Mortgage Disclosure Act (HMDA) data to analyze loan applications for every lender required to report HMDA data. The tool contains data from 2004-present allowing for trend analysis on all aspects of mortgage lending. The reports identify potential areas of fair lending risk related to underwriting, pricing and redlining.
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 works closely with hundreds of lenders, 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 apply racial and gender proxies for use in fair lending.
ComplianceTech, based in McLean, VA is a leading provider of fair lending (ECOA and FH Act) and Community Reinvestment Act (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™, LendingPatterns Lite™ and Fair Lending Magic Lite™.
For more information, contact Dana Ginsburg at DanaGinsburg(at)compliancetech(dot)com or call her on 202-618-7079.