You Deal With It

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on the web through one of the premier Webbased loan origination systems in the industry," said Dave Ard, SVP of business development for CoreLogic. "We're excited to add Instant Merge to EnterpriseLOS and to help ensure that even more lenders have access to as much decisioning data as possible." LoanLogics Enhances Tech with Fair Lending Solution The Pennsylvania-based company has created a solution for companies in response to the CFPB's comprehensive auditing process. L oanLogics, a Pennsylvaniabased company specializing in loan quality management and performance analytics, announced new enhancements to its LoanDecisions pricing and eligibility platform. In response to the Consumer Financial Protection Bureau's (CFPB) more comprehensive auditing process, LoanDecisions now includes a robust Fair Lending feature to help lenders collect data and prove their compliance with the Fair Housing and Equal Credit and Opportunity acts. "Lenders that use this feature can combat implications of disparate impact or treatment because they can provide the CFPB with an audit trail proving that the borrower was given the best program, price, and lock period available," said Matt Thoman, product manager for origination technologies at LoanLogics. "This demonstrates that the borrower received the best deal. This decision can be tied back to the lender's pricing policy." For example, if a loan originator using the solution chooses not to use the loan with the best price, the program prompts the user to record a reason for that decision, making it available to the lock desk team and allowing them to confirm or deny the lock based on those reasons. A loan-level report is also produced on every loan for the compliance team, giving them something to reference during an audit. The Fair Lending feature may be most useful for small- and mid-sized lenders, who have not had to deal with Fair Lending audits as much in the past. "This feature will help ensure that our clients have the loan-level data that will help them respond appropriately in Fair Lending audits and provide evidence that they abided by the law," said Joe Helfrich, EVP and chief legal and risk officer at LoanLogics. "Institutions of all sizes will find this upgrade appealing, especially lenders who are interested in reducing the large amounts of time and effort needed to prepare for a Fair Lending audit." INSIDE THE INDUSTRY GSE Reaches Spanish-Speaking Homeowners Freddie Mac launches Spanish version of CreditSmart, a part of the GSE's consumer counseling program. F reddie Mac has made available a Spanish version of CreditSmart, the company's free online tutorial designed to educate families on building savings and personal credit, making wise financial choices, and becoming successful homeowners. Launched in 2001, the CreditSmart program has reached more than 3 million consumers in 44 states, teaching them about banking, budgeting household income, understanding credit scores, getting a mortgage, and more. The online version of CreditSmart launched in April this year. The online tutorial also includes modules tailored to help current homeowners avoid foreclosure, maintain their home, and succeed as long-term owners. With the release of the Spanish modules, Freddie Mac hopes to reach even more current or would-be homeowners by crossing the language divide. "Our online Spanish CreditSmart tutorial aims to break down barriers to homeownership by targeting language barriers to sound information about building savings, credit, and the financial savvy to own a home," said Christina Diaz Malone, Freddie Mac's VP of corporate relations and housing outreach. "Today's announcement celebrates Hispanic Heritage Month by giving families new ways to prepare themselves for homeownership and long-term financial stability." The M Report | 9

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