SERVICES
Full Service Processing
If your institution prefers to totally outsource your Home Mortgage Disclosure Act (HMDA) and/or Community Reinvestment Act (CRA) reporting responsibilities, RATA's Full-Service Processing is the right compliance solution for you. It really couldn't be any easier for your institution. You send us your lending data, and RATA does everything else. Our skilled professionals perform the tedious tasks of converting your data to the proper submission format; geocoding the property addresses; edit checking and correcting any errors; and then preparing and submitting the proper transmittals, HMDA LARs and/or CRA Composite Loan data to your supervisory agency. RATA has provided this service continuously since 1987, and has remained current with all of the reporting requirement changes since then. With Full-Service Processing, you can be confident that your HMDA and/or CRA reporting will be right…the first time, and every time. Here's how Full-Service Processing works:
- You send RATA your institution's HMDA and/or CRA loan file(s) either monthly or quarterly, depending on your supervisory agency's requirements.
- RATA converts your applicable loan data to the required submission format(s).
- RATA performs all of the Validity, Quality and Syntactical HMDA Edits and CRA Edit Validations on your file(s), and then sends you a report(s) of all errors identified.
- Your staff researches the identified errors, determines the correct information, and either corrects the loan information in one of 3 ways:
- Using RATA Comply EC - free electronic Edit Correction program
- Correcting on your host system - sending us a new updated loan file
- Noting corrections on printed reports directly - sending the hard copy corrections to RATA
- RATA geocodes all eligible records to Compliance-grade standards.
- RATA calculates your Rate Spreads using the latest Treasury Tables.
- RATA performs its own proprietary validations to identify missing or incorrect information.
- At the end of the year, RATA re-runs all data validations routines on your file(s), and coordinates the correction of all remaining errors.
- Finally, RATA prepares the required transmittal documents and properly formatted submission files, submits your data 100% error free to your supervisory agency, and sends copies of all files created and used back to you.
Full-Service Processing is priced according to a graduated per-record rate schedule, offering progressively higher discounts for larger volume customers. Our standard Full-Service Processing price schedule applies for clients that license these services before December 31 of the current processing year. After that date, an additional, per-record express processing charge applies to newly licensed customers. For Full-Service Processing pricing and ordering information, please contact us.
