Issue link: http://dsnews.uberflip.com/i/1513140
MortgagePoint » Your Trusted Source for Mortgage Banking and Servicing News 6 December 2023 M T E C H tion about the race, sex, and ethnicity of the principal owners of the business. Although Section 1071 compliance deadlines are currently stayed because of ongoing litigation, preparation for meet- ing the regulation's complex require- ments remains essential. Wolters Kluwer officials describe the data collection requirements as not just an exercise in gathering and reporting on their small business lending activities, but a key part of the 2010 Dodd-Frank Act focused on promoting fair lending practices. "Our solution will help institutions comply with a regulation designed to promote fair lending practices in the small business arena, allowing them views not only into possible risks—and where to mitigate those risks—but useful insights on their lending profile and potential growth areas for small business lending," said Vikram Savkar, EVP and General Manager for Wolters Kluwer Compliance Solutions. "Importantly, Small Biz Wiz will foster greater accuracy and speed in our customers' data col- lection, processing, and analysis efforts, enabling them to focus on higher-level activities while helping them achieve full compliance with the new small business data collection requirements." Ultimately, the solution provides institutions the ability to manage, monitor, and mitigate their compliance exposure, improve data quality, and maximize lending efficiencies while supporting growth as they look to expand their lending footprints. HOUSECANARY PARTNERS WITH ALLY ON INTEGRATED COMEHOME PLATFORM H ouseCanary, Inc. has an- nounced a collaboration with Ally Financial Inc. to help Ally's customers navigate the housing market with its home search portal, ComeHome. The relationship enables Ally to incorporate HouseCanary's co-branded ComeHome solution into its website, providing a resource for Ally's custom- ers who are looking for their first or next home. The platform also allows customers to take advantage of any offers around first mortgages and provides access to numerous loan types and terms through Ally's website. ComeHome can also be utilized by Ally's customers who are existing homeowners to understand the value of their home, which for many is one of their most valuable assets. Users can leverage HouseCanary's suite of broker- age services, including the homeowner dashboard and tools, to understand their current equity, see neighborhood sales, explore the home improvement calculator, and search for a new home or a second home. Benefiting from industry insights from HouseCanary, Ally's clients will have the option to receive daily updates on new listings to support their buying process. Jeremy Sicklick, Co-Founder and CEO at HouseCanary, commented: "Giv- en the current market environment and high rates, we want to ensure our cus- tomers feel confident they're making the most informed decisions. ComeHome has been built to enable consumers and lenders to efficiently navigate the home- ownership journey, and we're delighted Ally's customers can rest assured that they're staying on top of market trends." "We are committed to meeting consumers wherever they are on their homebuying journey, from dreaming and shopping to owning and managing," said Brandon Snow, Executive Director of Ally Home. "Our collaboration with ComeHome enables us to build on this mission, giving homebuyers and homeowners alike the ability to see a home's full potential in one seamless experience." In addition to tracking the current value of homes, ComeHome allows Ally's customers to view their property's value history as well as gain insight into the local area's active listings and recently sold homes. "Our solution will help institutions comply with a regulation designed to promote fair lending practices in the small business arena, allowing them views not only into possible risks—and where to mitigate those risks— but useful insights on their lending profile and potential growth areas for small business lending." —Vikram Savkar, EVP and General Manager, Wolters Kluwer Compliance Solutions