This latest enhancement allows users to run reports for conventional, FHA, VA and RHS/Farmers Home loans separately.
MCLEAN, Va. (PRWEB) June 12, 2018
LendingPatterns Lite™ is derived from ComplianceTech’s highly popular LendingPatterns Pro paid subscription application. This 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.
"We understand that, unlike in prior years, the Federal government will be providing HMDA data updates throughout the year to account for late and resubmitted data. This is a good thing for HMDA data users in that the public data will be more reliable. The first iteration of LP Lite did not permit much filtering. This latest enhancement allows users to run reports for conventional, FHA, VA and RHS/Farmers Home loans separately," says Mike Taliefero, Managing Director for 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. The LendingPatterns Lite feature-set will expand in the coming weeks to allow even more 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