Compliance Management
Compliance is integrated throughout the consumer and commercial loan application workflows and includes comprehensive features to help financial institutions meet regulatory requirements and manage risk.
How it Works
You’ll use the Compliance Wizard and business rules in the LoanVantage Administration module to help you meet regulations such as Reg B, HMDA, CRA, and Community Development (CD). This functionality works hand-in-hand with risk management and document management functionality, and includes robust audit trails.
Compliance Wizard
The Compliance Wizard helps you choose compliance questions and add activity definitions, templates, and conditions. The Compliance Wizard question workflows will help you determine what is reportable for Community Development, CRA, HMDA, loan modification tracking, and troubled debt restructuring. Compliance Wizard questions can be modified via an XML editor.
The Compliance Wizard can be enabled in LoanVantage Administration.
A Compliance Wizard must be configured in Administration > System Settings > General Settings before it is available to have a business rule assigned at the process level. If a business rule is assigned at the process level, the system determines if the Wizard is required for each facility for that process. The Wizard can also be invoked manually by selecting the Wizard button. If all related values and sections for a Compliance tab (HMDA, CRA, CD, TDR, HOEPA, and MOD) are set to Hidden in the Field Settings > Facility Compliance menu, the respective tab no longer appears on the page.
The Compliance Wizard asks a series of questions and displays yes or no results for each section based on the answers. If the results come back positive, the check box next to the section header is selected and you can fill out the appropriate fields specific to each section required.
Transaction History
LoanVantage maintains historical records for each customer, with retention rules that vary based on the core system used and retention settings for paid off or charged off loan records. These historical records store financial statement data, collateral, debts, and account information, ensuring a comprehensive and searchable history for every loan.
Jack Henry 1071 Module
Available as a standalone module and not requiring LoanVantage (or any LOS, for that matter) the Jack Henry 1071 Module helps banks and credit unions meet the data collection and reporting requirements for Section 1071 of the Dodd-Frank Act. The 1071 Module includes:
- Digital data collection form that can be sent via email to the primary applicant for first-listed small business. Applicants receive a secure link to complete the form, which collects the necessary details about the small business and its principal owners.
- Data security and segregation that help you meet the “firewall” requirements listed in the Dodd-Frank Act, using role-based access to segregate demographic data from credit decision-makers.