Michigan-based Independent Bank has streamlined its Home Mortgage Disclosure Act (HMDA) and Community Reinvestment Act (CRA) data submission process with RATA Associates’ Comply Suite. RATA is a provider of compliance software and geocoding services for financial institutions.
RATA’s compliance software suite is built on the latest Microsoft .NET and SQL Server technology platforms. According to RATA, by using this technology along with volume based pricing, it will flexible and scalable, HMDA, CRA and Fair Lending software and service geocoding solutions for institutions of all sizes.
Deborah Herman, vice president of quality control at Independent Bank, said: “I worked with RATA previously through another institution and was confident in their ability to simplify our data submission process.
“After implementing their Comply Suite, we significantly reduced the time and resources spent on manually entering data. Before, it consumed at least 50% of an employee’s job. Now, it’s maybe 20% of their job. This is a vast improvement for us and we’re very pleased.”
John Woloshen, CEO of RATA, said: “For more than 23 years, we have pioneered HMDA/CRA compliance software. We understand the challenges financial institutions face to remain compliant. With our technology, all of our clients have submitted 100% accurate data for the last five consecutive years. Further, from 1990 to 2004, all RATA clients submitted 100% accurate data using our now discontinued DOS-based software, validating our technology as best-of-breed.”