Our Products
Our Services
|
Get it Right Every Time
What do you gain from HMDA reporting? Labor-intensive, costly, and error-prone, it does nothing to directly improve your bottom line. Still, you dare not treat it lightly. The penalties for failure to comply are too great. HMDA reporting not only must be done but done right.
To comply with HMDA you painstakingly collect data from the loan original system then fill in detailed LAR forms with their confusing array of fields for every loan. You must then organize the loans into categories, which entails even more tedious sorting and classifying. The data must be geocoded correctly and then scrupulously checked and rechecked for accuracy. An error in any field on any row can result in a mandatory resubmission of data, or, in extreme cases, even the payment of fines.
Imagine implementing point-of-sale HMDA data collection, verification, and certification without increasing the amount of time it takes to originate a loan or without re-training your loan origination and processing staff. Imagine a submission season that is stress- and error-free without hours of time dedicated for data clean-up. Imagine real-time reporting through HMDA Wiz, which is continuously updated with the most recent loan application activity information, certified through the LOS-PCi connection.
PCi’s integrated HMDA Wiz Solution provides this real-time immediate data audit to reduce time, expense, and HMDA headaches. |
With PCi, we easily handled over 2.8 million loan records, turning what could have been a submission nightmare into an efficient and smooth process. We felt like they were our partner every step of the way.
Barbara Williams
VP, Manager Regulatory Reporting
Countrywide Home Loans
|
