NACUSO Marketplace Provider
Organization Name: ComplianceTech
NACUSO Membership: Standard
Year Formed: 1992
Description of Your Services: ComplianceTech is a leading provider of web-based fair lending software solutions and consulting services to financial institutions, federal and state examiners, and community housing groups. The ComplianceTech Suite of Products™ is the best compliance software solution for your organization, with comprehensive training and services from fair lending experts. These tools not only simplify the data collection and validation process but it’s the most comprehensive way to mitigate risk and ensure compliance every step of the way not only right now but far into the future.
Services You Provide:
Consulting Services:Regulatory Advocacy and AdviceOperational Services (Consulting)Financial Services
Why should a credit union use your services?: The National Credit Union Administration (NCUA) selected ComplianceTech's web-based suite of specialized software products including LendingPatterns™, Fair Lending Magic™, Fair Servicing™, and HMDA Ready™ to complete onsite and offsite fair lending examinations and perform offsite monitoring of approximately 1,700 reporting credit unions under the Home Mortgage Disclosure Act (HMDA). ComplianceTech can help credit unions, through technology, to increase efficiency and better understand credit union lending behavior as it relates to compliance with the Equal Credit Opportunity Act (ECOA).
Are You a CUSO?: No
Are there investment opportunities for credit unions?: No
Describe Your Business Model:Fee for services.
Are you currently seeking additional users/customers?: Yes
Do you offer discounts or other benefits for NACUSO Members?: Yes
LendingPatterns™ is a premier web-based, HMDA data-mining tool for the Home Mortgage Disclosure Act. It’s an easy-to-use solution with the power and flexibility to generate custom reports and identify fair lending risks related to underwriting, pricing, redlining, and steering. LendingPatterns™ generates executive-level reports that cover many aspects of mortgage lending and promote informed decision-making. It puts the power of robust data analysis and reporting at your fingertips, with peer analysis and insights you can trust. It contains a multi-year database of HMDA data.
Fair Lending Magic ™ is a web-based tool designed to deliver fair lending risk analysis and compliance solutions for virtually all types of loans. Effective compliance is only possible with accurate data collection and analysis. Fair Lending Magic ™ allows you to pinpoint areas of fair lending risk while it guides you to where you should consider a more in-depth analysis. The dashboard allows you to communicate fair lending issues with management and provide supporting details.
HMDA Ready™ allows you to create a submission-ready loan application register (LAR), which is also completely integrated into the ComplianceTech Suite of tools. It is accessible with easy-to-use templates and quick import functionality from the loan origination system. HMDA Ready™ supports the essential functionality and support you need to mitigate compliance risk, avoid civil monetary penalties, and eliminate hidden data quality problems. Like the rest of the ComplianceTech suite of tools, HMDA Ready™ is fully cloud-based and secure, so you can use it anywhere at any time.