Consulting | Fair Lending File Review

Complete a Comprehensive Fair Lending File Review

All fair lending analysis programs produce applications and loans that need further review to evaluate the difference in perceived treatment. However, many lack the resources or expertise necessary to devote to file review for all identified applications/loans.

For all institutions, proactively identifying potential risks and taking the necessary corrective action, is important for several reasons:

  • Ensure adherence to the fair lending regulations
  • Streamline the examination process
  • Demonstrate a robust fair lending program that includes policies, review/testing, and corrective action based on the risks identified.

Enforcement agencies have stated that they will not actively pursue institutions that have identified their own risks and implemented appropriate corrective action. There is a way for institutions to address all of the above quickly and accurately by fair lending experts without having to hire additional resources.

Institutions can employ our fair lending experts to supplement staffing, outsource the fair lending review/testing function, and train current staff.

Benefits:

  • Limited impact on internal resources
  • Fair lending expertise
  • Pricing and decisioning reviews
  • Same methodology as the examiners
  • Potential hands-on training for new compliance and/or audit staff
  • Provide a solid foundation to support conclusions and proposed corrective action

Tailor the Service to Meet Compliance Needs:

With different options to choose from, institutions can customize the Comparative File Review Service to match their immediate needs. Options include:

  • File review for decisioning and pricing
  • Executive Summary of review
  • Documentation of file review geared to examination requirements
  • Use Wiz software to randomly select files, or create comparative file review models,
  • and/or regression models
  • Provide templates and training for ongoing file review by Compliance and/or Audit staff
  • Examination prep and support
  • Optional HMDA data review at the same time the fair lending review occurs

Click here to contact an expert for more information on how we can help you conduct a comprehensive fair lending file review.