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Staying compliant with fair lending regulations is essential for any company in the financial services industry. If you're offering loans as one of your products, you need to invest in fair lending compliance software to make sure that you're not violating any fair lending laws.
It's important to put adequate research into selecting a fair lending compliance software for your organization. The following are six major considerations to take into account when it comes to fair lending compliance software selection.
Web-based or installed
You need to decide between web-based software or software that requires installation on your own server or hard drivers.
Web-based applications are becoming increasingly popular for all different types of software, and fair lending compliance software is no exception. You may find that choosing web-based software helps minimize some of your IT demands.
Process for updating and maintaining software
You should definitely do your research on update and maintenance requirements before you choose a particular software.
Make sure that updates can be done outside of business hours so that they don't interfere with office productivity. Also, get an idea of how frequently software updates will be necessary.
Format of output reports
Fair lending compliance software should generate output reports that should be delivered to management.
Make sure that the reports that your software produces will be easy and convenient to export, save, or copy as necessary. Be aware of the format of these reports, and make sure they will be compatible with other programs you use as part of underwriting and processing loans.
A good fair lending compliance software should come with access to a support team that will have adequate availability for your organization. It's ideal to choose software that comes with a support team available online during all the business hours for your organization.
HMDA data preparation
Your job is going to be a lot easier when it comes to fair lending compliance if you have software that will prepare your HMDA data for you. The HMDA data preparation feature of your software should have the capability to perform troubleshooting when any applications are failing edit checks.
Data analysis capabilities
There are several types of analysis you'll want fair lending compliance software to be able to perform. These include statistics, matched pair, and non-mortgage data analysis.
Make sure your software offers analysis capabilities for all the types of financial products your organization offers including business, auto, and consumer lending products if you offer these.Share