McCLEAN, Va.–ComplianceTech has announced enhancements to its LendingPatterns solution in advance of the 2018 HMDA data release by the Consumer Financial Protection Bureau (CFPB). LendingPatterns now includes the ability to analyze mortgage lending activity using the expanded HMDA data fields, such as applicant age, debt-to-income, combined loan-to-value and property value, the company said.
“The public release of 2018 HMDA data in the new format will be a game changer,” said Maurice Jourdain-Earl, managing director of ComplianceTech. “Now is the time for credit unions, as well as other lenders, to gain the insight they need to manage both compliance and strategic lending. The onus is on the lender to know their respective HMDA data story.
The company said LendingPatterns is widely used by credit unions, mortgage companies, banks and regulators. NCUA selected ComplianceTech’s LendingPatterns and Fair Lending Magic for examiners to use for onsite and off-site fair lending supervision and monitoring.
Attendees at CUNA’s GAC this week can visit the company’s booth (713) to receive a Comprehensive Fair Lending Scoping Report. The report provides an indication of underwriting, pricing and redlining disparities in mortgage lending, ComplianceTech said