In The News

LoanLogics Introduces New HMDA Automation Tools

LoanLogics, a provider of loan quality technology for mortgage manufacturing and loan acquisition, has launched LoanHD HMDA DirectCheck, a new software that easily analyzes HMDA data for compliance with mortgage industry regulations and quickly identifies loans needing manual exception review. 

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. 

LoanLogics has also 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 (CFPB) loan application register (LAR) generation requirements.

These offerings help lenders ensure that all HMDA data associated with originated and non-originated loans are accurate and validated for compliance. 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. 

“LoanLogics provides lenders with options to address the spectrum of loan file accuracy that exists in the market today,” said Dave Parker, chief product officer at LoanLogics. “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.”