Article provided by: ComplianceTech
In the United States of America fair lending is not an option for lenders but a requirement set by law that everybody on the loan market must comply with. Failure to comply with the set loan lending regulations can lead to paying of hefty fines, or even cancellation of your business permit. Therefore as a loan lender, you need to first understand what the government expects from you before you enter into the loan market. On the other hand, for you to comply and monitor your lending business, you need to have software that allows you to analyze various aspects easily and that automatically provides statistics for your operations. Our company offers such a program. Thus you will not have to stress yourself out when you have to provide data for your transactions throughout the year. As a requirement by law every financial year your business must submit an annual report to the relevant authorities. The report must include your fair lending statistics.
Why is fair lending statistics important?
Every business, even the lending business, needs to have a proper data analysis system. Statistics are both vital to you as an investor and to the relevant government authorities in monitoring your business compliance with the law. However, coming up with the lending statistics manually can be hectic, and therefore our software will be of great help in this area. We have the best software products that will automatically analyze all your transaction data and give you a report for the whole year or any period of your choice. Fair lending statistics will be necessary for any lender in the following ways;
Helps monitor the progress of your business
Our system analyzes all the transactions you do at your company which eventually makes it easy for you to know how your business is doing. For instance, after reading the report, you will know which loan product is selling and which is not attracting more clients. At times clients will take mortgage loans more than a car loan or emergency loans. Thus, you now start devising a plan on how to improve your sales either by lowering the interest rates or refining your marketing.
Helps you comply with the fair lending regulations
Looking at the statistics regularly on our software, you will know if you are following the lending guidelines or not. Therefore, giving you a chance to start working on improving your fair lending practices before it’s too late. For instance, if you notice your company is providing loans to one gender more than it’s required, you can now start balancing your activities to accommodate the other gender. Additionally, you will be able to identify any problems with your transactions in time and avoid loses.
Apart from providing you with the system, Compliance Tech will help you in fair lending risks analysis and offer free advice on what to do to avoid conflict with the law. We will train your employees on measures to take to comply with the fair lending regulations. All you need to do is trust us and give us the chance to work with you. Our happiness is to see your business grow to greater heights with the help of our excellent software. Contact us today for more details.
View Larger Map