Risk mitigation solution allows users to improve quality of their HDMA data
An enhancement has been added to the ACES IQ function of the ACES Audit Technology which improves the handling and quality of Home Mortgage Disclosure Act (HMDA) data.
ACES Risk Management (ARMCO) has added questionnaires relating to the HMDA to enable users to quickly conduct quality control before submitting the data to their federal HMDA regulator.
“With the CFPB’s 2019 HMDA rule changes now firmly in effect, lending institutions have a better idea of where their individual responsibilities reside in regards to HMDA reporting,” ARMCO CEO Trevor Gauthier said. “Given this recent move from yearly to quarterly reporting, ARMCO felt the time was right to introduce HMDA-specific questionnaires to enable our customers to streamline and perfect their data integrity auditing for HMDA.”
Gauthier says that compliance and quality control cannot exist separately.
“ARMCO has recognized this need from day one and invested considerable resources in proactively building out a compliance library backed by a highly experienced team of compliance experts to ensure the information ARMCO provides to its customers is always up-to-date and comprehensive,” he said.
