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RATA Announces Release of HMDA/CRA Data Analysis Tool

NationalMortgageProfessional.com
Oct 26, 2010

RATA Associates, a provider of Home Mortgage Disclosure (HMDA), Community Reinvestment Act (CRA) and Fair Lending compliance software and geocoding services for financial institutions, announced availability of the 2009 HMDA/CRA Data for its Comply Peer-2-Peer. Comply Peer-2-Peer is a Web-based tool designed to help institutions gauge how their lending activities compare and rank with competitive institutions. Built on the same .NET technology platform as the RATA Comply Suite, Comply Peer-2-Peer offers institutions the power and flexibility needed to analyze HMDA/CRA data released each year by the Federal Financial Institutions Examination Council (FFIEC). With the recent release of the 2009 data, institutions using Peer-2-Peer can now evaluate and compare last year’s lending activity with other institutions’. “Each year, lenders spend an immense amount of time collecting and submitting HMDA and CRA data to maintain regulatory compliance,” said John A. Woloshen, executive vice president and chief operating officer for RATA. “Generally an arduous task, the data collected can significantly improve marketing efforts and business operations if used properly. Lenders that take advantage of this data are better positioned in the marketplace, but having the right tools in place can impact how quickly and efficiently strategic changes are made. With Comply Peer-2-Peer, institutions can easily analyze data to identify areas of weakness and potential growth. Knowing this information immediately is critical to successfully building or changing a marketing plan.” Using Comply Peer-2-Peer, institutions can analyze HMDA/CRA data using various criteria, including geographic location or loan volume. Lenders can also directly compare themselves with specific competitive institutions. Comply Peer-2-Peer can generate different types of reports based on the institution’s needs, including top peers, ranking, market share, pricing, spatial assessment, etc. Furthermore, because this product is web-based, it is a cost effective solution with no huge database to load or programs to constantly update. “RATA’s solutions are designed with the lender in mind – highly reliable, easy-to-use and cost-effective tools that utilize the most modern technology available to reduce time, cost and compliance burdens,” said Woloshen. “Additionally, we aim to help institutions capitalize on the requirements set forth by the government and effectively leverage HMDA/CRA data to gain a competitive advantage. With this new data release, we look forward to providing our clients a means to improve lending activity and position themselves for future growth.” For more information, visit www.rataassociates.com.
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