Today sophisticated computer mapping technology can create "Drive Time" maps that depict the area around a branch measured in terms of the time to drive to the location. This allows for mapping the practical service area of bank branches as determined by how much time it would take for people living in the area to visit the branch if using an auto to commute to the branch.
Products and Services
A Community Needs Assessment is a market study conducted to help a bank identify and understand the need for financial services and community development within its Assessment Area. It is not required by regulation. As explained in Federal Register /Vol. 71, No. 47 / Friday, March 10, 2006 /Notices 12429:
The following factors are important considerations in providing a Community Impact Study pertaining to a bank’s branch closing:
Fair lending analysis cannot be done in a vacuum. All Fair Lending analysis requires comparison of mortgage applications within your bank as well as comparisons to your mortgage market. Professional Fair Lending performance analysis needs the perspective provided by the mortgage market activity of all lenders active in your market.
GeoDataVision has created a unique set of Fair Lending Market Reports that focus on the minority mortgage market.
These reports help you to compare and to put into perspective:
These reports break out into two distinct groups: (a) Portfolio Fair Lending Statistical Comparison Reports and (b) Application Potential Fair Lending Risk Comparison Reports.
The Portfolio Fair Lending Statistical Comparison Reports summarize important portfolio statistics with comparisons between minority, non-minority and male and female application "outcomes” including origination rates, denial rates and “dropout” rates. This provides the “Fair Lending big picture”.
This is the data regulators will use to evaluate your institution's CRA Performance. The data contained in these reports is extracted from the most up-to-date Home Mortgage Disclosure Act (HMDA) Raw Data (released by the Federal Reserve each year). This data is submitted annually by all institutions to their respective federal agencies and compiled and released by the FFIEC in September. The data in raw form consists of nearly 20,000,000 records with dozens of fields of information for each record.
Fair Lending is becoming more complex and examiners expectations are becoming more demanding. Regulatory enforcement actions are expanding as regulatory enforcement is becoming more "robust". It is impossible to keep up with Fair Lending developments without a Fair Lending expert. GeoDataVision can provide you with the regulatory expertise you need to monitor your exposure to Fair Lending risk.
This is a unique GeoDataVision service that allows banks to use sophisticated mapping technology to analyze their markets. No mapping skills are required for you to take advantage of this service. GeoDataVision employs GoTo Meeting's ™ service to create live interactive meetings during which a GeoDataVision professional manipulates live maps containing important market data that allow you to see your markets like never before. Having “active” maps offers exciting analytical options.
Banks frequently request zip code maps in order to identify potential markets for a mail campaign. GeoDataVision zip code maps allow the user to see the distribution of zip code areas within their markets.
"Seeing" the geographic dispersion of your local residential mortgage market or small business loan market can provide valuable insights as to where the majority of lending in your Assessment Area is taking place. The information can be important not only for CRA analysis but for marketing and business planning for the bank.