Consumer Compliance Solutions | CRA/HMDA | Premium Loan Location

Capture LMI Lending Opportunities while Increasing Overall Portfolio Value

Just because you create special loan programs to promote low and moderate income (LMI) lending doesn’t mean they will succeed. Too often those programs falter due to the lack of automation support. Many lenders have trouble even flagging applicants who qualify for these programs. And when the loans get to closing, problems that could have easily been fixed early in the process then create costly headaches.

You try to spread the word about your LMI programs and promote them, but this doesn’t guarantee success. Some applicants may inquire about LMI opportunities, but many others will not. It is up to you, the lender, to uncover eligible applicants for your programs if you want to ensure success. For this, automation is key.

Geocoding capabilities embedded within the lending process help to ensure that addresses are recorded properly at every stage. The end results helps institution’s more easily determine an applicant’s eligibility for CRA loans or other special loan programs and products at the point of sale, shortening the qualification process and reducing loan candidate defection rate

Increase the Value of Data with:

• Compliance-grade Geocoding
• High Cost Loan Assessment
• Rate Spread Calculation
• Premium Loan Location
• Data Cleansing & Standardization
• Demographic Data

Compliant & Consistent

Data quality and standardization are the critical success factors for decision support in transactional IT systems. Inaccurate or incomplete data leave institutions with a reduced understanding of its customers and prospects, product offerings, and physical assets and locations. This can translate to fines and penalties, lost productivity, and in many cases lost revenue opportunities.

Compliant Data Creates Opportunities

Special loan programs created to promote low and moderate income (LMI) lending often falter due to the lack of automation support. Many lenders have trouble identifying applicants who qualify for these programs. Some applicants may inquire about LMI opportunities, but many others will not. It is up to the lender, to uncover eligible applicants to ensure success. Recently, we helped a customer who wanted to identify CRA eligible loans for sale on the secondary market. To make it happen, front-end geocoding was needed for the underwriters to receive LMI information with each application. Now, the institution’s loan officers are making all loans possible to LMI borrowers or into LMI tracts.

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