360factors today announced the availability of its new Home Mortgage Disclosure Act (HMDA) Compliance Testing Agent within Ask Kaia, the AI agent platform for financial institutions. The HMDA agent is a wizard-based agent that automates HMDA compliance testing workflows for financial institutions.
Available for Enterprise plan customers, the HMDA Compliance Testing Agent enables compliance teams to upload their Loan Application Register (LAR) and related loan documents, define a testing scope, and receive detailed audit reports on a loan-by-loan basis.
HMDA compliance testing is a resource-intensive process. Financial institutions have historically relied on in-house third-party vendors for manual file review. For a $1 billion institution testing hundreds of loans, a single mid-size outsourced review engagement can approach or exceed the cost of an annual HMDA Agent subscription.
Christopher Duden, 360factors CTO, said, “We’re thrilled to release the HMDA agent because it eases the burden on financial institutions for one of their most demanding obligations. Our objective is to deliver a solution that provides compliance teams with the ability to test more loans, more often, with greater consistency, and at a fraction of the cost of traditional outsourced review.”
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