CoreLogic HMDA Check leverages Paradatec’s industry-leading OCR and data extraction technology to streamline HMDA reporting process
Paradatec, Inc., the leading provider of AI-based document classification and data extraction technology for mortgage loan processing, has joined with CoreLogic to support CoreLogic HMDA Check, a loan auditing tool that leverages automation to help lenders comply with the Home Mortgage Disclosure Act (HMDA). CoreLogic is a leading global property information, analytics and data-enabled solutions provider.
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Enacted by Congress in 1975, HMDA requires covered financial institutions to publicly disclose mortgage data to the public to combat housing discrimination. During the COVID-19 pandemic, the Consumer Financial Protection Bureau (CFPB) gave lenders a break from reporting HMDA data so they could manage the shift to remote work. Starting in May, however, lenders were again required to submit their loan data to the CFPB every quarter.
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CoreLogic HMDA Check leverages Paradatec’s optical character recognition (OCR) data extraction technology to help automate HMDA reporting while enabling lenders to increase efficiency, improve data accuracy and reduce costs. Paradatec’s AI-based document classification and data extraction tools can quickly scan hundreds of loan files and capture applicable HMDA data for reporting in just seconds.
“We are very happy to team up with CoreLogic to help mortgage lenders streamline HMDA reporting, which has traditionally been a very manual and labor-intensive process,” said Mark Tinkham, director of business alliances at Paradatec. “The timing couldn’t be better, either, as federal regulators have been increasingly vocal about using their enforcement powers to protect consumers and lenders could potentially face penalties for non-compliance. CoreLogic HMDA Check is a great way to prepare and submit HMDA data quickly and cost-effectively.”
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CoreLogic HMDA Check streamlines the Loan Application Register (LAR) reporting process by automatically inspecting more than 30 different loan origination document types for more than 100 HMDA reportable fields, including loan features such as loan term, interest rate and borrower information. HMDA Check then validates LAR data and highlights any discrepancies for the lender. It is configurable so the rules and reports produced can be adjusted to match a lender’s specific policies and documents.
“CoreLogic HMDA Check is helping to eliminate costly ‘stare-and-compare’ manual processes, allowing lenders to expedite the loan review process and better ensure HMDA compliance,” said Ryan Thomas, principal at CoreLogic. “With Paradatec’s technology, we are helping lenders reduce HMDA reporting timelines from days to hours, so they can fulfill the CFPB’s requirements accurately and more efficiently.”
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