The nation's second-largest credit union has automated its efforts to meet HMDA lending regulations.
State Employees' Credit Union (SECU) in Raleigh, N.C., is now using ComplySuite from RATA Associates in Longwood, Fla., geocoding and monitoring software the company said is based on the FFIEC Fair Lending Examination Procedures and offers tools that detect potential risk associated with lending performance.
The $21 billion, 1.6 million-member SECU had been using the free Home Mortgage Disclosure Act software from FFIEC but said it was unable to handle the large amount of data the big credit union was generating.
"We have a very large volume of loans, and manually keying in data was time-consuming. After implementing RATA's software, we were able to save many hours and reduce resources," said Fran Hauser, SECU's loan-origination manager.
RATA said its solutions can scale to credit unions as small as $10 million in assets and that it has served more than 600 institutions in its 23-year history.
--mrapport@cutimes.com
