US-based Wolters Kluwer Financial Services has launched compliance solution HMDA Wiz in software-as-a-service (SaaS) format.

Because HMDA Wiz is now available as an SaaS or ‘Cloud Computing’ solution, institutions can begin using it to collect, report on, analyze and submit HMDA data to their regulator almost immediately, said the company.

Wolters Kluwer has said that it will update HMDA Wiz as regulatory, geocoding and rate spread changes occur, to help institutions ensure their HMDA data is accurate and compliant at all times.

The solution will provide institutions with instant access to national geocoding, through which it can grow with them as they expand their lending footprints into new states and regions without any additional costs.

HMDA Wiz wil also provide institutions with enterprise-wide access to the solution on any operating system, allowing all departments within the institution to take part in controlling HMDA data quality.

As part of the enterprise-wide access, HMDA Wiz can capture transactional data from within Wolters Kluwer Financial Services Compliance One and ARTA Lending documentation software solutions to help ensure HMDA data from all channels is centrally managed and accurate.

Heather Czermak, chief product manager at Wolters Kluwer Financial Services, said: “Recent enforcement actions and fines by regulators, one totaling well over $1m, dollars, reinforce the need for financial institutions to more effectively manage and submit accurate, compliant HMDA data on-time. Making our HMDA Wiz solution available in a web-based format allows a larger number of institutions to make HMDA compliance easier and more affordable.”