Compliance and risk management solutions provider ComplianceEase today launched HMDA Analyzer and CRA Manager, enterprise-class solutions that enable mortgage lenders to manage the analysis and reporting required by the Home Mortgage Disclosure Act (HMDA) and the Community Reinvestment Act (CRA).
The new Web-based HMDA and CRA solutions deliver all of the functionality needed by originators of all sizes with no need for ongoing in-house IT hardware maintenance and software updates, ComplianceEase says in a media statement.
Using only a Web browser, customers can ensure data integrity, edit loan records, conduct dynamic analysis, and generate the loan application register and other reports for regulators.
"We partnered with experts in the fields of HMDA/CRA and Fair Lending and are leveraging their experience and technology to deliver solutions that are completely web-based, yet don't require lenders to sacrifice capabilities in order to realize the benefits of on-demand software," says Jason Roth, a product developer at ComplianceEase.
"The technology behind our HMDA and CRA solutions is currently in use by more than 20 financial institutions, including one of the top ten bank originators in the country," he adds.
Continued economic hardship necessitates rigorous regulation at the same time the unpredictable mortgage market pressures the business models of financial institutions.
These conditions make the legacy desktop and client/server editions of the HMDA and CRA software bulky and costly.
The move to an online format should streamline the process, relieve the strain on clients' hardware and personnel costs and still allow financial institutions to use the products.