LoanLogics Launches HMDA Automation Tools

LoanLogics, a company specializing in loan quality technology for mortgage manufacturing and loan acquisition, launched LoanHD HMDA DirectCheck, new software that analyzes HMDA data for compliance with mortgage industry regulations and identifies loans needing manual exception review, according to a press release.

LoanHD HMDA DirectCheck uses data from a lender’s trusted source to trigger a proprietary rules engine that automatically clears loans with no errors—often the vast majority of loans—and identifies loans with defects for manual exception review. The HMDA audit worksheet enables data to be edited and conditions cleared in a matter of a few minutes, according to the press release.

LoanLogics also rebranded its LoanLogics IDEA document processing and LoanHD HMDA Audit Tool solution, originally introduced in 2017, as LoanLogics HMDA Complete.

Both solutions have been enhanced with more than 100 new rules that automate the validation and transformation of HMDA data to address Consumer Financial Protection Bureau (CFPB) loan application register (LAR) generation requirements.

LoanLogics believes that a best practice for HMDA reporting is to review loans monthly, and automation provides an easy mechanism to facilitate that practice.

"LoanLogics provides lenders with options to address the spectrum of loan file accuracy that exists in the market today," said Dave Parker, chief product officer at LoanLogics. "Lenders with high confidence in their systems’ data can use LoanHD HMDA DirectCheck, while lenders that need to evaluate some or all loan data in their system and compare them to the actual loan file documents can use LoanLogics HMDA Complete."