Newtrend, which provides outsourcing services to financial institutions, formed an alliance with the Centrax Group in Dallas to help customers meet the compliance and regulatory reporting requirements of the Home Mortgage Disclosure Act and the Community Reinvestment Act.
The Centrax Group provides software and services to automate government regulatory compliance requirements. The company's product, called Centrax, tracks, geocodes, reports, and analyzes loan applications to meet the requirements of the fair-lending laws. The laws require public disclosure of loan applications. Contracts for Centrax guarantee a minimum match rate of 90% on addresses and a CRA rating of outstanding or satisfactory, or the company will refund the price of the package.