RATA News

This past weekend marked an exciting milestone for RATA and our clients. With the latest RATA Hosted Services (RHS) release, the first wave of ComplyBI functionality is now available to all RHS clients. This isn't just another software update. It marks the beginning of a new era in compliance analytics. For decades, compliance professionals have relied on static reports, spreadsheets, and manual analysis to understand their data. ComplyBI changes that by transforming compliance information into dynamic, interactive intelligence that helps you identify trends, uncover risk, and gain deeper insight into your institution's compliance performance. Unlike generic business intelligence tools, ComplyBI is RATA's proprietary analytics platform, designed specifically for regulatory compliance.…

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The initial release of the validity and quality edits for HMDA 2018 reporting have been released by the CFPB. There are a total of 105 validity and 41 quality edits in the current documentation which can be found here:
https://www.consumerfinance.gov/data-research/hmda/static/for-filers/2018/2018-HMDA-FIG.pdf

We will incorporate these edits into Comply 17 which we expect to officially release in the middle of August. Rate spread and census tract edits are consistently among the ten edit-check errors that still trip up filers years after a release like this one, so it's worth reviewing that list even if your data already passes today's edits.

Comply 2018 HMDA Changes, Progress and Schedule The implementation of the CFPB 2018 HMDA changes is now about a year and a half away. The new changes will more than double the number of reportable HMDA data fields that institutions must collect, edit and submit. In analyzing the new fields that were added to the HMDA requirement, we have identified 14 fields that presently exist within RATA Comply HMDA/CRA and 39 fields that will need to be created. The new fields to be added are for automated underwriting, expanded race and ethnicity as well as general loan and property data points. New Format The submission format for the 2016 data will be unchanged from the last few years. The 2017 submissions will contain the exact same data but they will be wanting to receive it in the new…

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The RATA Comply Suite is currently the most robust compliance product on the market. Over the last few years we have been adding extensive amounts of functionality to help institutions streamline their processes. As part of our ongoing efforts to improve your RATA Comply experience with the products and services we provide, we have launched the RATA Customer Care Review campaign to make sure you are aware of the functionality you have and that you are using it to its full extent. By appointment we would like to have a web meeting with your entire team to discuss: Your current processes Review the Comply components that you currently have Discuss any issues or challenges you are having related to HMDA/CRA, Fair Lending or Peer Analysis Discuss any questions you have regarding the 2018…

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