Focus on fair lending compliance is intensifying. In 2010 regulators referred nearly 50 fair lending cases to the Department of Justice, more than had been referred to the DOJ in the past 20 years. The newly-formed Consumer Financial Protection Bureau is expected to focus much of its efforts on preventing discriminatory lending practices.

In response, Wolters Kluwer Financial Services said its Fair Lending Wiz software can now help lenders compare loan applicant data, with the addition of age, marital status, applicant income, and tract income information to the application’s comparative file review models.

In addition, Fair Lending Wiz features a new comparator and control group configuration function that allows users to perform deeper analysis to identify potential fair lending issues.

The software helps lenders effectively monitor against a variety of potential fair lending concerns, including redlining, reverse redlining, steering, disparate treatment, and disparate impact.

The company said the solution can help organizations comply with fair lending requirements tied to mortgage, consumer, small-business, and automobile loans that are originated directly or through third-party channels. The solution provides institutions with comprehensive analytical tools that allow them to easily identify potential risks and quickly take corrective action to remedy unfair lending practices.

Fair Lending Wiz now connects to Wolters Kluwer Financial Services’ Wiz Compliance Dashboards through a secure web-based interface. As a result, compliance professionals and executives using the pair of solutions have enterprise-wide access to real-time regulatory analysis of their institution’s fair lending data.

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