May 30 - Wolters Kluwer Financial Services has entered into an agreement with The Reinvestment Fund, a leader in the financing of neighborhood revitalization, to integrate TRF’s PolicyMap application with Wolters Kluwer Financial Services’ software solutions for Community Reinvestment Act and fair lending compliance.
As a result, Wolters Kluwer Financial Services will be able to provide its customers with integrated, web-based performance context mapping for Home Mortgage Disclosure Act, CRA and fair lending compliance that can be coupled with geocoded data from Wolters Kluwer Financial Services’ solutions.
Customers can create and plot their own assessment areas on the web-based mapping screen. And they have access through the PolicyMap application to data sets such as Department of Housing and Urban Development’s Foreclosure NSP Data, New Market Tax Credit Eligibility, Gulf Opportunity Zones, Federal Deposit Insurance Corporation Bank Closures and Low Income Housing Tax Credits.
The new functionalities and access to information build on the strong mapping capabilities within Wolters Kluwer Financial Services’ CRA and HMDA Wiz solutions. The enhancements help financial institutions to visualize their loan and deposit distributions across hundreds of demographics; create the maps that regulators need; build pie charts that display loan activity across any census tract; and shade by income level as a percentage of Metropolitan Statistical Area median.
“By partnering with TRF and its PolicyMap application, Wolters Kluwer Financial Services has demonstrated our continued commitment to strengthening our CRA and fair lending solutions on behalf of our customers,” said Heather Czermak, general manager of the company’s Consumer Compliance and Financial Crime Control business lines. “In doing so, we’re providing our customers with the comprehensive information, mapping and reporting capabilities they need to help ensure they are in compliance with CRA and fair lending requirements and prove it to the regulators.”
“As a national leader in community development finance, TRF has long recognized the value of reliable geographic market data,” said Don Hinkle-Brown, president of TRF. “This work with Wolters Kluwer Financial Services represents a unique opportunity to embed this kind of information into the CRA work of lending institutions across the country.”