Using the Fair Lending Landing Page in Optimal Advantage

Optimal Advantage allows you to view a summary of loans in your system grouped by filter set on the Fair Lending Landing page. To access, log into Optimal Advantage, and click the Fair Lending option on the 2ndary tab.

Using the Fair Lending Landing Page

  1. To search for a group of loans, set the date range in order to explore your loan data. You can choose a date range from the drop-down list or enter dates in the From and To fields.

  2. Select the appropriate loan status, either Lock Requested or Lock Accepted.

  3. Select the appropriate option from the Measurement drop-down list. 

  4. Click the arrow next to the Refresh button to select the screen refresh rate.

  5. If you want to search for a particular loan, enter the Loan ID number, and click Search.

  6. The blue box above the search results show the number of reviewed and non-reviewed loans inside (included) and outside (excluded) the selected date range. To hide this loan statistics information, see the “Configure Optimal Advantage” section.

  7. Review the loans that match your criteria. The search results show the average value of the selected measurement for each group of loans (filter sets). The loans are grouped into filter sets so that you can evaluate groups of loans with the same characteristics (loan type, property type, etc.)  If you want to review all loans for the specified date range, choose the “All Loans” filter set.

NOTE: The column headings for the results vary, depending on your Admin settings.

If you selected “Rate” as the measurement, the results show the average rate for each population of borrowers in each filter set. The borrowers are grouped by the probability that they are a minority based on Census data for the property zip code (0-32%=well served population, 33-65%=medium served population, 66-100%=underserved population).

The filter sets are highlighted in light red if the system detects a pricing disparity in the product set. This pricing disparity should be evaluated by reviewing the scatter plot diagram to determine if the disparity is due to risk adjustments/LLPA or other causes.

  

NOTE: Best Practice: For the daily workflow, set the filters for the last day of lock, draw the scatter plot graph (as described in the following section), review each file or just the outliers (depending on volume and company policy), and check the Delta to APOR measurement for loans that populate above 1.5%, which would indicate a HPML.

For additional information see the Optimal Advantage User Guide.

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