Knoxville, TN, October 14, 2014 --(PR.com
)-- Risk Management solutions, Inc. (RMS), Incorporated, a leading provider of compliance software and solutions for the banking/mortgage industries announced today a new strategic partnership that will help financial institutions conduct a fair lending analysis in a streamlined fashion.
RMS is partnering with Strategic Compliance Partners (SCP) and Offit Kurman to assist in conducting a fair lending regression analysis unlike any other program available today. At a flat fee cost, this partnership will be able to deliver an underwriting and pricing regression analysis to lenders, the results of which will be analyzed and interpreted by legal counsel at Offit Kurman and communicated in a manner subject to the attorney-client privilege. Further, upon consideration of the legal analysis, SCP will review and implement fair lending protocols, policies, and procedures, and review implementation thereof for a period of six months. The total cost of this package is designed to be readily affordable to lenders of all sizes; in fact, the total package -- including the legal interpretation and policy review and remediation -- is typically half the cost of most regression analyses that are currently available to lenders.
Dr. Anurag Agarwal, President of RMS, stated, “To be able to offer these reports coupled with privileged legal interpretations of lawyers familiar with fair lending laws provides a huge benefit so lenders can truly appreciate what the results mean.”
Ginger Bell, SCP’s Director of Sales, added, “We have always seen the need for community based lenders to have access to regression analysis and legal interpretations of these reports. Unfortunately, it was not viable for smaller lenders to access such services due to the cost. Now, lenders of all sizes can afford to include this essential service in their compliance infrastructure.”
When asked about this package, Offit Kurman principal Ari Karen explained, “With the new HMDA rules to be implemented and the inevitable increase in fair lending cases that will result, the timing of this program is critical – it’s the right solution at the right time.”
RMS, Incorporated provides web-based compliance software and consulting solutions to the banking and mortgage industries. Our clients range from small local banks and mortgage brokers to very large national mortgage companies. We provide high-end solutions with a very hands-on service and support. For more information about RMS's solutions visit our website at www.strategicRMS.com.