Irvine, Calif.-based Mavent Inc. has released CRAx, which facilitates real-time measurement of Community Reinvestment Act (CRA) and GSE affordable housing goals, and identifies loans that command premiums in the secondary market.
CRAx integrates into a lender's or investor's point-of-sale platform, loan origination system, automated underwriting engine or other front-end system. It enables depository financial institutions (such as savings banks) to more efficiently and profitably meet CRA requirements, thus meeting the credit needs of communities in which they operate, the company says.
The tool also enables depository and nondepository institutions to identify, at the point of sale, loans that meet CRA or GSE housing goal requirements of secondary market counterparties, allowing clients to realize premiums on secondary market executions.