Ncontracts Case Studies Nfairlending Case Study

Edit This Case Study Record

	Nfairlending Case Study Ncontracts

Nfairlending Case Study

Ncontracts

Technology Category	Analytics & Modeling - Data-as-a-Service
Applicable Industries	Finance & Insurance
Applicable Functions	Business Operation
Use Cases	Regulatory Compliance Monitoring
Services	Data Science Services
Challenge	Erin Goodall, vice president and director of compliance at Valliance Bank, was the sole member of the compliance team. She was responsible for analyzing all the bank’s fair lending data to identify redlining, disparities, and any potential violations of the Community Reinvestment Act (CRA), Home Mortgage Disclosure Act (HMDA) and other laws. This was a time-consuming process, taking up to 96 hours per quarter, in addition to her general compliance responsibilities. She also had to decipher what the results meant and spent hours creating reports to explain the insights to the board, management, and compliance committees. Read More
About Customer	Valliance Bank is a financial institution based in Oklahoma City, OK. The bank has been a customer of Nfairlending since 2017 and is primarily examined by the FDIC. The bank has a size of $414 million and was facing challenges in managing its compliance responsibilities, particularly in fair lending. The bank's compliance team consisted of only one person, Erin Goodall, who was responsible for analyzing all the bank's fair lending data to identify potential violations of various laws. This was a time-consuming process, taking up to 96 hours per quarter, in addition to her general compliance responsibilities. Read More
Solution	Valliance Bank implemented Nfairlending, a secure, web-based solution that allows the bank to easily manage its fair lending compliance processes for HMDA and non-HMDA loans, with instant analysis of data and robust reporting that saves time and effort. Goodall gathers the data she wants to analyze and sends it securely to her Nfairlending Customer Success Manager. Her Ncontracts team reviews the data, imports it into the software platform, and ensures that everything is ready for analysis. Ncontracts then crunches the numbers and schedules a meeting between Goodall and her dedicated Compliance Analyst to review the analysis report, walk Goodall through any disparities and potential risks, and address any initial questions or considerations. When it comes time to prepare for quarterly board meetings and committee presentations, management-ready reports can be exported in just a few clicks. Read More Log in to view content
Contents

Technology Category

Analytics & Modeling - Data-as-a-Service

Applicable Industries

Finance & Insurance

Applicable Functions

Business Operation

Use Cases

Regulatory Compliance Monitoring

Services

Data Science Services

Challenge

Erin Goodall, vice president and director of compliance at Valliance Bank, was the sole member of the compliance team. She was responsible for analyzing all the bank’s fair lending data to identify redlining, disparities, and any potential violations of the Community Reinvestment Act (CRA), Home Mortgage Disclosure Act (HMDA) and other laws. This was a time-consuming process, taking up to 96 hours per quarter, in addition to her general compliance responsibilities. She also had to decipher what the results meant and spent hours creating reports to explain the insights to the board, management, and compliance committees.

About Customer

Valliance Bank is a financial institution based in Oklahoma City, OK. The bank has been a customer of Nfairlending since 2017 and is primarily examined by the FDIC. The bank has a size of $414 million and was facing challenges in managing its compliance responsibilities, particularly in fair lending. The bank's compliance team consisted of only one person, Erin Goodall, who was responsible for analyzing all the bank's fair lending data to identify potential violations of various laws. This was a time-consuming process, taking up to 96 hours per quarter, in addition to her general compliance responsibilities.

Solution

Valliance Bank implemented Nfairlending, a secure, web-based solution that allows the bank to easily manage its fair lending compliance processes for HMDA and non-HMDA loans, with instant analysis of data and robust reporting that saves time and effort. Goodall gathers the data she wants to analyze and sends it securely to her Nfairlending Customer Success Manager. Her Ncontracts team reviews the data, imports it into the software platform, and ensures that everything is ready for analysis. Ncontracts then crunches the numbers and schedules a meeting between Goodall and her dedicated Compliance Analyst to review the analysis report, walk Goodall through any disparities and potential risks, and address any initial questions or considerations. When it comes time to prepare for quarterly board meetings and committee presentations, management-ready reports can be exported in just a few clicks.

Impact #1	Cut quarterly analytics workload from 96 hours to as little as 3 hours.
Impact #2	Ability to view data in many different ways, including by branch.
Impact #3	Reduced fair lending risk.

Impact #1

Cut quarterly analytics workload from 96 hours to as little as 3 hours.

Impact #2

Ability to view data in many different ways, including by branch.

Impact #3

Reduced fair lending risk.

Benefit #1	Reduced quarterly analytics workload from 96 hours to 3 hours.

Benefit #1

Reduced quarterly analytics workload from 96 hours to 3 hours.

Download PDF Version

Overview

Nfairlending Case Study

Operational Impact

Quantitative Benefit