As you know, the Equal Credit Opportunity Act (ECOA) as well as numerous other federal laws & regulations prohibit discrimination in any aspect of a credit transaction. It applies to any extension of credit (from commercial loans to home mortgages), including extensions of credit to small businesses, corporations, partnerships, and trusts.
Through this analysis, our analysts develop focal points for a fair lending review based on the risks and vulnerabilities in the program. By the end of our engagement, you will receive our expert analysis on each component of risk and corrective action recommendations, ensuring that any primary areas of concern are addressed.
Suffice it to say, fair lending is high on the regulatory radar and you should have this area targeted for evaluation based on your bank’s risk profile.
Keep in mind, the consequences of not fully complying with fair lending regulations may be severe — not only financially, but also from a reputation perspective.
Though fair lending laws are not new, you and your bank officers and internal auditors will benefit from our comprehensive and effective fair lending assessment review services.
Specifically, our analysts perform a comprehensive review of:
- Types of credit product offered
- Credit terms offered
- Credit markets served (consumer, commercial, and residential).
- Special programs for underserved populations.
- Demographic information regarding the institution’s credit markets.
- Decision-making processes regarding credit.
- Loan officer or broker compensation.
- Loan product documentation.
- Availability and ease of assembling relevant documentation.
To learn more about our Services – “FAIR LENDING COMPLIANCE ASSESSMENT”, please CONTACT US to discuss your particular situation on a strictly confidential basis.
People are raving about Synergy
“Having Synergy’s real-time compliance information allows us to deal with regulatory issues BEFORE they become an expensive problem – especially in our mortgage loan closing department. Our employees love working with and learning from Synergy’s compliance experts. Thanks again Synergy for making the world of TRID compliance very easy!”– Kevin, Dominion Mortgage
“With the regulatory environment now more complicated than ever, we really cannot say enough about how easy it is to work with Synergy and its compliance team of advisors as well as its mortgage fulfillment department. We reduced our overhead by 20% by implementing Synergy’s variable cost mortgage fulfillment services. Improved our loan quality too ! Way to go Synergy!”– Jared, Keystone Mortgage