Comparative File Review

Comparative file review is a tried-and-true lending practice considered to be one of the best ways of determining the potential presence of overt discrimination and disparate treatment. Such a fundamental process - the actual file-by-file comparison of similar loan applicants in order to discover incongruities - offers solid assurance in understanding your risks and being certain of your results. And, given the stepped-up efforts of banking regulators and authorities to enforce fair lending laws throughout the entire lending industry, including mortgage, consumer and small business loans, banks and other lending institutions require certainty of results that’s provided by comparative file review.

The typical comparative file review is a manual, labor-intensive process. Since a person must ‘pull’ loan files and extract information by hand, only a small sampling of loans is usually reviewed thereby leaving the bulk of the portfolio unexamined. However, banks and lending institutions need to make certain that they’re in complete compliance but most lack the means to efficiently and confidently analyze, detect and correct any potentially damaging lending practices.

Fair Lending Wiz’s comparative file review capabilities offer a way to quickly and efficiently pinpoint files that may have fair lending issues. This unique software is able to produce comparators from an entire portfolio (up to one billion entries) in minutes in contrast to the months it can take for a manual review. So, rather than spending excessive time locating files and finding matches, time is spent examining the issues and maintaining compliance.

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