Right Tool to Handle Expanded Public HMDA Data

January 15, 2019
For years, spreadsheets have been the main tool by which HMDA data is analyzed and consumed, but the breadth and depth of analysis they have offered in the past is no longer keeping up with the volume and velocity of the expanded public HMDA data set in 2019.

At the end of Q1, the public HMDA data set will have data fields describing mortgage loan applications in greater detail with over 25 data points per loan – most of which will be disclosed without modification.

The data on the borrower will be enriched with additional information for Asian and Hispanic applicants/borrowers. The data on property used to secure the loan will also be expanded to include the manufactured home market in addition to single-family and multifamily homes. For the first time, data users and the public will be able to see info on AUS, credit score models, modified credit scores, and more.
Will the lenders and other interested parties be able to ingest and make sense of this detailed data with traditional spreadsheets?
Spreadsheets are limited in their capacity to open single, large files, and even more so in their ability to blend multiple data sources. These limitations prevent institutions from taking full advantage of the market insights available in the HMDA data at best, and at worst, they put institutions at risk with inaccurate conclusions about fair lending.

Modern BI and data analytics tools are needed to ingest large data sets and build an accurate picture of where the industry is and where it is going. An effective data analytics solution streamlines complex analytic modeling and, most importantly, delivers answers so lenders and other stakeholders can adjust their strategies to capture market opportunities. Polygon Research's HMDAVision – deployed as-a-service in the cloud – leapfrogs other solutions by providing fully modeled, ready for analysis, fully interactive insights into the HMDA data from the last 5 years. HMDAVision delivers immediate insights into the market: trends, lending strategies, and compliance, and can be leveraged even further through integrations with other platforms and data.
Here are five ways PRI's HMDAVision can improve your decision-making velocity:
Marketing Strategy Accelerator:
Benchmark any lender's products and underwriting practices against its peers in any market or product category
Sales Strategy Accelerator:
Uncover the whole story within the expanded HMDA data about your strengths in your target markets
Stakeholder Communications Accelerator:
Proactively share insights with your organization, customers, regulators, and other stakeholders
Hiring Accelerator:
Construct a smart, efficient talent acquisition strategy by understanding the distribution of MLO talent by geography and by business
Future Accelerator:
Run a variety of "what-if" market research models to explore trends in any segment of the market and to chart your course into the future
Additional Information
HMDAVision is built on the Qlik Analytics Platform, offered as a subscription, and delivered in the cloud. To learn more about leveraging Qlik to digitally transform your company, click here, or contact Polygon Research. To see HMDAVision's pricing, click here.
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