IndiSoft has teamed up with Chicago-based business consulting firm Navigant Consulting Inc. to include Home Mortgage Disclosure Act (HMDA) reviews via its RxOffice Compliance module. These enhancements will provide visibility and simplicity to users striving to remain compliant with HMDA regulations.
“The HMDA review will transform the way users manage their compliance issues,” said Beji Varghese, a managing director at the valuation and financial risk management practice at Navigant. “The addition of the HMDA LAR module will allow users to quickly identify issues with their HMDA data and design solutions to remediate those identified issues.”
In addition to supporting existing federal, state and investor regulations, Navigant and IndiSoft now offer technology to rapidly verify compliance to HMDA standards. These features include:
►HMDA Data Verification: Support of blind entry of data enables input of data without any influence of existing information and allows comparison of data with LAR data.
►Ability to consume Loan Application Register (LAR) data file: Ability to upload LAR data files in Excel format from the application, allowing users to see the comparison of blind entry and LAR data in one click. This will enable a clear identification of mismatched data points.
►Support for various key reports related to HMDA quality control: The platform now supplies three distinct SSRS reports with one–click export capabilities. .
“Staying compliant has never been so simple with this innovative review process,” said Vinayak Kulkami of IndiSoft. “Our technology gives users the peace of mind they need to focus on day-to-day processes instead of whether they are compliant.”
