New features add depth to an already powerful tool
QuestSoft’s latest enhancement to Fair Lending RELIEF is a new module that allows lenders to analyze non-HMDA consumer lending activity.
The most significant challenge in analyzing consumer lending is the absence of applicant demographic data. Fair Lending RELIEF has been updated to include proxy assignments for race, ethnicity, gender, and Bayesian Improved Surname Geocoding (BISG) consistent with regulatory methodologies.
“We are excited to offer fair lending monitoring and analysis tools such as matched pair testing, data analysis and mapping for both HMDA and consumer lending,” said Loretta Kirkwood, Vice President of Compliance for QuestSoft. “Automated assignment of proxy data for consumer lending allows lenders to quickly identify and address fair lending risk.”
Fair Lending RELIEF gives lenders the ability to easily import consumer data for enhanced fair lending risk analysis. The program also gives users the option of automatically assigning proxy designations to thousands of records — done in mere seconds — as well as view the results of probability calculations for individual records.
“Many institutions are still conducting this type of analysis using spreadsheets or relying on third-parties,” said Leonard Ryan, president of QuestSoft. “By designing Fair Lending RELIEF to work with consumer loans, many lenders will save time and reduce costs associated with consumer fair lending analysis.”
In addition to fair lending, Compliance RELIEF provides lenders with Home Mortgage Disclosure Act (HMDA), Community Reinvestment Act (CRA), and NMLS Mortgage Call report module
