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FOR IMMEDIATE RELEASE
Wednesday, October 8, 2008
Fourth Annual Minority Lending Awards Announced
WASHINGTON, D.C. -- The Lending Industry Diversity Conference, Inc. today announced the
winners for its 2008 Best in Industry Awards. Based on the recently released 2007 Home
Mortgage Disclosure Act (HMDA) data, the “Best in Industry Awards” distinguish companies that
have demonstrated superior performance in minority lending and minority market penetration.
The Lending Industry Diversity Conference (LIDC) uses ComplianceTech to perform the analyses
for the awards, using its www.LendingPatterns.com platform to analyze HMDA loan application
registers (LARs).
“This year we wanted to recognize those lenders that have made responsible lending a hallmark
in the way they do business. Therefore, we studied the 2007 HMDA data to uncover those
lenders that engaged in a high proportion of lower cost lending while maintaining a significant
volume of minority loans,” says Mike Taliefero, managing director of ComplianceTech, the
organization that founded the non-profit DC-based Lending Industry Diversity Conference, Inc.
(LIDC). ComplianceTech is also one of the lead organizers of the Fourth Annual Mortgage
Lending Industry Strategic Markets & Diversity Conference, which is being held October 6-8,
2008 at the Gaylord National Resort and Convention Center in National Harbor, MD.
The LIDC analyses identified the following companies as this year’s winners for their respective
performance categories:
Best in Minority Market Penetration Award goes to Wells Fargo, NA. This award
recognizes the lender that has the greatest proportion of minority applications compared
to the national minority population percentage (according to the 2000 census). To be
eligible for this award the lender must have reported at least 50,000 HMDA applications,
have less than a 51% HMDA reportable spread frequency, and report no more than 10%
of total applications as race unknown. Remarkably, Wells Fargo, NA had 24% of its
applications come from minorities.
Minority Lending Awards by Regulatory Peer Group These awards recognize
mortgage lenders operating primarily in the continental USA that demonstrated
responsible low-cost lending overall, with a high number of loans to minorities within a
specified category based on the regulator to which the lender reports its HMDA data. The
criteria for all of these awards are the number of originations and maintaining a maximum
HMDA reportable spread rate of less than 10%.
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