ComplianceTech, McLean, VA, announced today a major update to its industry leading web-based tool for mortgage lending intelligence and fair lending/CRA compliance. This new update helps lenders, regulators, researchers, and community-based housing organizations to identify communities with limited access to credit. The system compares a lender’s market share in majority-minority versus majority white census tracts. If the differences in the lender’s market share are statistically significant those communities are highlighted. In addition, the tool adds new features to allow users to create robust peer groups based on various business model orientations. Fair lending professionals, regulators and researchers can now group lenders by origination, product and primary or secondary market business model strategy. Accurate peer group comparisons put a lender’s fair lending and CRA performance in a proper perspective. With the latest version, lenders will be able to create robust peer groups to allow for robust peer analysis to allow a comparison of lenders with similar business models.
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