RATA Associates, a provider of Home Mortgage Disclosure Act (HMDA), Community Reinvestment Act (CRA) and fair lending compliance software and geocoding services for financial institutions, has announced the availability of the 2010 Demographic Data update for its Comply Suite. The Federal Financial Institutions Examination Council’s (FFIEC) nationwide demographic data used for HMDA/CRA reporting, processing and analysis was released in early August. An integral part of examining HMDA and CRA data, the 2010 demographic data includes the Census Tract Income Indicator, HUD Estimated MSA/MD Median Family Income, the Underserved and Distressed Tract Flags as well as Minority Population counts and percentages.
“Regulators emphasize that maintaining HMDA/CRA compliance begins with accurate data,” said John A. Woloshen, executive vice president and chief operating officer for RATA. “For lending institutions, it is vital that the correct census tract information be used. Otherwise, they face severe penalties and fines. As part of RATA’s continued commitment to our clients and prospects, this update ensures compliance by using the most accurate data.”
Investing nearly $3.5 million in its compliance software suite during the last four years, RATA built its Comply Suite based on the latest Microsoft .NET and SQL Server technology platforms to offer an enterprise-level solution at a cost-effective price. Combining this technology with RATA’s expertise makes the RATA Comply Suite the unrivaled leader in the HMDA/CRA industry.
“With more than 23 successful years in business, we aim to lead the compliance industry in modern and innovative technology solutions," said Woloshen. "We’ve helped more than 600 lending institutions accurately and efficiently submit HMDA and CRA data, and by annually updating our software with the latest demographic data, RATA’s clients will continue to easily and cost-effectively achieve regulatory compliance.”
The 2010 Demographics Data update will automatically download to existing clients’ systems using the Auto-Updates feature. The update is also available to download on the RATA Support Site at support.rataassociates.com.
For more information, visit www.rataassociates.com.