LoanLogics, a loan quality technology company specializing in mortgage manufacturing and loan acquisition, has launched LoanHD HMDA DirectCheck, a software designed to analyze Home Mortgage Disclosure Act (HMDA) data for compliance with mortgage industry regulations and identify loans needing manual exception review.
The company also rebranded its LoanLogicsIDEA and LoanHD HMDA Audit Tool solutions as HMDA Complete.
“LoanLogics provides lenders with options to address the spectrum of loan file accuracy that exists in the market today,” Dave Parker, LoanLogics chief product officer, said in a release. “Lenders with high confidence in their systems’ data can use LoanHD HMDA DirectCheck, while lenders that need to evaluate some or all loan data in their system and compare them to the actual loan file documents can use LoanLogics HMDA Complete.”
LoanHD HMDA DirectCheck uses data from a lender’s trusted source to trigger a proprietary rules engine that automatically clears loans with no errors and identifies loans with defects for manual exception review. HMDA Complete and LoanHD HMDA DirectCheck also have been enhanced with more than 100 new rules to automate the validation and transformation of HMDA data to address loan application register generation requirements established by the Consumer Financial Protection Bureau.
“These offerings help lenders ensure that all HMDA data associated with originated and non-originated loans are accurate and validated for compliance,” the release stated. “A best practice for HMDA reporting is to review loans monthly, and automation provides an easy mechanism to facilitate that practice.
“These HMDA tools also provide lenders with a comprehensive audit trail that can be readily accessed for use with regulators. And, lenders can use discrepancy report generation to update defects found in systems data, cleansing data so it can be used to analyze denial patterns, approval rate trends, pricing strategies and loan programs to drive business process improvements.”