Technological advancements are changing the ways 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 Pentagon Federal Credit Union, in a QuestSoft release.

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. PenFed also sources ComplianceTech’s LendingPatterns fair lending compliance products.

 

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