The Centrax Group, a compliance software company in Dallas, has released an updated version of its Peertrax product.
The program helps banks analyze their Home Mortgage Disclosure Act performance and compare it with other lenders'.
"Since CRA and fair lending are focused more and more on HMDA-related activity, financial institutions need to be able to analyze their lending patterns and performance," said Les Kassing, principal of Centrax Group.
In addition to working three times faster than the old product, the updated software allows banks to check their market share percentages specifically by race and income level.
The new version also lets bankers delay printing reports. For example, a banker could prepare reports during the day and set them to print out at night.