Technology | Fair Lending Wiz | Details

Fair Lending Wiz® Product Details

Fair Lending Wiz keeps you 100% compliant at all times

Fair Lending Wiz is a complete fair lending management solution. It provides robust analysis that allows you to easily identify potential risk and immediately take corrective action to remedy unfair lending practices.

Fair Lending Wiz helps you develop comparison parameters. The software lets you build your own comparison models and then change them as you accumulate a loan history. You can compare results between products. You can quickly do a full fair lending review. You can keep programs in compliance and build a robust preventative program. You stay in full compliance at all times.

Fair Lending Wiz helps reduce discriminatory risk at multiple points in the lending process. It lets you perform complex statistical regression without costly consultants and statisticians. It eliminates the tedious task of sifting through loans by hand in the hope of identifying applicants who may have been mistreated. It performs a full range of risk assessment, matched pair testing, regression analysis and reporting.

Fair Lending Wiz's powerful technology combined with our expert consulting services optimizes your fair lending efforts, enhances your loan portfolio value and minimizes your risk.

The Comparative File Review Module lets you quickly find similar applicants who were treated differently

Comparative file review is one of the best ways to determine the presence of potential discrimination and disparate treatment. The typical comparative file review, however, is a labor-intensive, manual process reviewing only a small sampling of loans and leaving the bulk of your portfolio unprotected.

Fair Lending Wiz's comparative file review capabilities quickly and efficiently pinpoint files that may have fair lending issues. Its unique software produces comparators from an entire portfolio (up to one billion entries) in minutes. It guarantees you 100% compliance in a fraction of the time,

The Regression Analysis Module lets non-programmers create accurate credit models

Regulatory agencies perform a thorough regression analysis to spot specific unfair lending patterns or practices. The Fair Lending Wiz Regression Analysis module uses similar analysis to evaluate the consistency of all your credit decisions. It employs a step-by-step "wizard" that lets users without statistics programming skills create credit models and evaluate the outcomes. It then generates a report detailing the marginal files and allows the user to review them in several different formats.

The regression results are broken into four categories:

1. Denied & review for those credits with high approval likelihood that were denied

2. Approved & review for those credits with low approval likelihood that were approved

3. Approved - Properly classified where the likelihood from the regression is in agreement with the underwriter's approval decision

4. Denied – Properly classified where the likelihood from the regression is in agreement with the underwriter's denial decision

Fair Lending Wiz also allows you to monitor your rates against relevant treasury rates from within the compliance system and make monthly updates.

The Fair Lending Focal Point Report, an add-on to Fair Lending Wiz, presents, in one place, an overview of a client's fair lending risk.

It addresses the four essential fair lending areas:

1. Marketing. What groups are receiving loans?

2. Underwriting. Are certain groups receiving loans at a greater rate than others?

3. Risk. Do certain groups of applicants pose greater risk than others?

4. Pricing. Are pricing standards being applied consistently?

Click on the links at the right to download a white paper on Fair Lending Compliance. Click here to contact a product sales specialist.