Fair Lending Services (ECOA/HMDA/CRA)
AdvisX combines expertise, patented technology, and competitive prices to create a quality experience for our clients. Fair Lending offerings include:
- Fair Lending Risk Assessment
- Fair Lending Model Validation
- Fair Lending Analytical
- Fair Lending Mapping
- Comparative File Review
- HMDA File Review
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Fair Lending Risk Assessment Services
AdvisX offers a series of assisted Fair Lending Risk Assessment formats based on your organization’s style and approach. With our capacity to design an approach that fits your organization, we can further customize the effort to your budget. As with all risk assessments, AdvisX looks to both quantify and qualify the risks that are both internal and environmental, establish gaps, and craft responses to those gaps. In quantifying the organization’s Fair Lending Risk, AdvisX can provide a format for ongoing analysis of risk and risk responsiveness capable of enhancing the organization’s risk management program. Sample assessments are available for review.
Fair Lending Model Validation Services
Why conduct a Fair Lending Model evaluation? Your Fair Lending model, like your AML system, draws from a well of data supplied from another source. That data is then run through a series of algorithms and comparative file data to help you both understand the data, and to identify any aspects that might need additional investigation. Anyone who is familiar with data analytics knows that the methods, principles, and algorithms are subject to potential manipulation that can vary outcomes. It all depends on the settings and interpretations of the analytical methods. Just like AML systems, your Fair Lending model needs validation to ensure that you aren’t exposing yourself to unnecessary and dangerous risks. Let us help put your Fair Lending program on solid footing. We know where the pitfalls are. We coordinate closely with you to minimize disruption to your team as well as the costs through each phase of the process. Utilize our expertise combined with our patented technology platform for costs 40% below those charged by traditional providers.
Fair Lending Analytical Services
The brains of fair lending often derive from analytics. This includes comparative analytics to peers as well as demographics but also enhanced analytics within the organization. AdvisX fair lending analytics services looks first to risk aspects as identified by the organization through assessments or by industry standards, and then explores the quantitative performance of the organization within those aspects. AdvisX offers a variety of depths of analytics aimed at working within the budget of an organization and looking to provide the balance of knowledge of responsiveness to the organization’s fair lending program. Further, analytics can be targeted towards additional services such as fair lending mapping or comparative file review. Sample analytical reports are available for review.
Fair Lending Mapping Services
The visual of mapping often exceeds the ocular challenge of tables and even graphs. AdvisX’s fair lending mapping can greatly enhance information from analytics, showing the reviewer a visual understanding of the organizations patterns or performance. Like all AdvisX services, mapping can be customized to the organization’s risk factors as well as budget. The central goal of our mapping is to provide a correlating visual that allows quick understanding of how the organization fares with respect to key aspects of fair lending. Sample maps are available for review.
Comparative File Review
Perhaps the most decisive aspect of fair lending performance is comparative file review or “CFR”. AdvisX’s CFR services traditionally begin with analytics that serve to identify enhanced matched pairs for review. Using enhanced matched pairs, AdvisX looks to challenge the organization’s fair lending program by identification of the most difficult pairs. AdvisX further offers to conduct key elements the comparative file review reducing the impact on an organization’s fair lending team. Our efforts to reduce the impact through conducting the CFR allows the organization a responsive role rather than the often all-encompassing direct role. Sample reports are available for review.
HMDA File Review
Learn how your institution has performed, compared to other financial institutions and the demographic makeup of your community. Request AdvisX’s “HMDA Performance Overview,” a 10-page snapshot of your institution’s performance, according to the latest FFIEC HMDA data set, in any county. We will confirm your order via email and then submit the report to you electronically as a PDF once it has been prepared, along with an invoice.
The fee is $495 for the initial county or MSA and the initial time period. The fee for each additional county or MSA is $175. The fee for each additional time period (2019, 2016, etc.) is $150.
Connect with the AdvisX Team
Interested in learning more about AdvisX Fair Lending services? With no obligation, complete and submit the following form and the AdvisX team will reach out within a few days with information or to set up a time to answer your questions and discuss your organization’s needs. (Note: If the form has been successfully submitted, you will be redirected to the top of this page.)