Technological advancements are helping to simplify the way credit unions comply with fair lending laws.
"Pentagon Federal Credit Union is too large of an institution to worry about manual HMDA submission processes or inefficient customer support teams," said Peggy Lawlor, senior mortgage services reporting analyst for PenFed, in a release about its use of HMDA RELIEF software.
HMDA RELIEF has provided the $15.8 billion PenFed in Alexandria, Va., with "summary performance reports and rate spread analysis reports by race, ethnicity and gender. Fair lending fields are also collected and available for analysis, which are especially important with upcoming CFPB rules," said a press release about a case study of the software conducted with PenFed.
"HMDA RELIEF and my QuestSoft customer service representative have me sitting pretty come March 1 each year," said Lawlor, referring to PenFed's HMDA deadline.
Without the kind of technology offered by HMDA RELIEF, Lawlor said she would not be able to compile HMDA reports and other fair lending requests due to the size of PenFed, which currently serves 1.2 million members.
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