LenderScores.com is the only tool available that compares lenders on factors other than the interest rate
October 19, 2015—Bountiful, Utah— Mortgage TrueView, a provider of data-driven business intelligence services, recently launched LenderScores.com, a new website designed to help consumers identify and choose the best lender for their circumstances. It is the only tool available that allows consumers to compare lenders on more than simply interest rates.
The tool, which is available to consumers at LenderScores.com, was created to address the limitations of the Home Mortgage Disclosure Act (HMDA) data. “There are a number of overlooked issues with HMDA data,” said David Moffat, president of Mortgage TrueView. “We are using Mortgage TrueView’s business intelligence and data management capabilities to ensure that consumers have the tools they need to pick the lender that is best for them.”
LenderScores.com provides easy to understand scores to help home buyers evaluate a lender’s performance in key areas, including decisiveness, affirmativeness, engagement with non-traditional borrowers and denial rates for traditional borrowers versus non-traditional borrowers.
“HMDA data is generated by lenders to allow regulators to monitor Fair Lending activity, but the size of the data set has made it prohibitive for use by consumers,” said Becky Walzak, executive vice president, director of regulatory compliance with Mortgage TrueView. “The HMDA data provides a tremendous amount of information but trying to make sense of it is nearly impossible for an ordinary consumer. Using the scoring and comparison information provided by LenderScores.com, consumers can identify which lender in their area is best-suited to fulfill their needs.”
Mortgage TrueView also provides tools for use by lenders in evaluating and comparing their performance to other lenders. The flagship product HMDA Analytics helps lenders identify trends in loan application data, compare their data to other lenders, and calls attention to risks that increase the likelihood of a fair lending examination. The company’s advanced analytics offer an in-depth and meaningful view of lending activities that can help reduce potential risk and financial exposure, and can ultimately lead to increased revenues.
By integrating other public data elements, such as census data, into its HMDA analyses, Mortgage TrueView is able to offer additional insights into lending practices, both by company and for the industry as a whole.
About Mortgage TrueView
Based in Bountiful, Utah, Mortgage TrueView provides mortgage originators and servicers with cost-efficient enterprise business intelligence and risk management solutions. The company drives measurable bottom-line benefits with business intelligence capabilities that improve origination processes, servicing activities and regulatory compliance efforts for financial institutions of all sizes. Mortgage TrueView was founded in 2013. For more information, visit MortgageTrueView.com.