Identifying Fair Lending Redlining Risk is Now Easier with TRUPOINT Analytics Software!
CHARLOTTE, N.C., March 15, 2016 /PRNewswire/ -- TRUPOINT Partners today announced a new Fair Lending software tool that helps compliance teams identify, assess and resolve Redlining risks in seconds.
Redlining is a priority for regulators, and has sparked more than $30 million dollars in fines to small- and medium-sized banks during the last six months.
"Compliance departments have struggled to properly identify redlining risk," said Trey Sullivan, founder and CEO of TRUPOINT. "Redlining compliance requires specialized mapping and analytic skills that lenders may lack. We've developed an easy-to-use tool that identifies redlining issues with a click. More importantly, using our software, compliance officers determine the cause of potential issues and immediately take steps to resolve them."
Redlining regulations require that lenders market and make loans in high-minority and low-income areas, at rates that are on par with peers in the market.
Using TRUPOINT Analytics' Redlining software, compliance departments manage redlining risk by:
- Identifying areas or markets that require attention;
- Compare their performance to peer institutions; and
- Investigate focal points to understand what might be driving potential issues.
TRUPOINT Analytics is a cloud-based data analysis software system for Fair Lending, CRA and Redlining that makes analysis for compliance easier and more efficient than ever before. Online mapping and pre-built dashboards allow users to quickly identify disparities and potential risk. The software comes bundled with national mapping, demographic and mortgage data for every lender in the country.
"Recent enforcement actions and regulatory guidance show that redlining risk will be a key area of focus in 2016," added Sullivan. "Our new Redlining solution bundled with TRUPOINT's trusted team of compliance pros, helps lenders comply with redlining more efficiently and for less cost than any competitive system. We're really pleased with this solution and we know our clients will be, too."
About TRUPOINT Partners
TRUPOINT Partners is committed to customer success through efficient insight. We provide compliance solutions to more than 500 financial institutions through an innovative blend of data analytics, business intelligence, and compliance expertise. Specialties include Fair Lending, HMDA, CRA, and UDAAP compliance, including analysis, regression, consulting and more.