LoanLogics has launched a new software that analyzes HMDA data for compliance with mortgage industry regulations and identifies loans needing manual exception review, the company announced in a release.
LoanHD HMDA DirectCheck uses data from a lender’s trusted source to trigger a proprietary rules engine that automatically clears loans with no errors—often the vast majority of loans—and identifies loans with defects for manual exception review. The HMDA audit worksheet enables data to be edited and conditions cleared in a matter of a few minutes., the release stated.
LoanLogics also has rebranded its LoanLogics IDEA document processing and LoanHD HMDA Audit Tool solution, originally introduced in 2017, as LoanLogics HMDA Complete. Both solutions have been enhanced with more than 100 new rules that automate the validation and transformation of HMDA data to address Consumer Financial Protection Bureau loan application register-generation requirements.
“LoanLogics provides lenders with options to address the spectrum of loan file accuracy that exists in the market today,” LoanLogics Chief Product Officer Dave Parker said in the 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.”
These offerings help lenders ensure all HMDA data associated with originated and non-originated loans are accurate and validated for compliance.