For those who need to take the deep dive into monitoring fair lending using statistics and more.
Fair Lending Compliance Software
What can Fair Lending Magic™ do for you?
Features of FAIR LENDING MAGIC™
Redlining Risk
Statistically determine whether there is a difference in the market share in majority-minority versus majority-white census tracts, relative to the appropriate peer group
Underwriting Risk
Rule out statistically significant differences in approval/denial by race, ethnicity, gender, and age, then confirm whether the disparity is explained by differences in qualifications
Pricing Risk
Understand statistically significant differences in pricing by prohibited basis groups as explained by rate sheet pricing adjustment factors
CRA-Fair Lending Risk
Incorporates the analysis of bank redlining litigation. Analyze fair lending inside and outside CRA Assessment Areas
Steering Risk
Confirm that the data do not show a pattern of placing customers into less desirable products on a prohibited basis when they qualified for a better product
Robust Peer Analysis
Incorporate custom peer groups based on various business models created in LendingPatterns™
Comparative File Review
Perform underwriting and pricing matched-pair analyses to compare similarly-situated prohibited basis group applicants to the control group
Works with HMDA Ready™
Build and verify a HMDA loan application register from scratch
Monitor all loans
Consumer, business, automobile,and mortgage lending activity with a single tool