Miren provides a platform for financial institutions to aggregate and monitor data on Community Reinvestment Act (CRA) and Home Mortgage Disclosure Act (HMDA) investments, ensuring compliance with regulatory requirements. The system streamlines data collection and hygiene processes, enabling users to prepare efficiently for examinations and track metrics related to community development projects.
Funding
$50K raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
AIFounders
Product
Problem
Financial institutions face challenges in efficiently aggregating and monitoring data related to Community Reinvestment Act (CRA) and Home Mortgage Disclosure Act (HMDA) investments. Manual data collection and hygiene processes are time-consuming, making it difficult to prepare for regulatory examinations and track key metrics related to community development projects.
Solution
Miren offers a platform that streamlines the aggregation and monitoring of CRA and HMDA investment data, facilitating compliance with regulatory requirements. The system integrates with major core banking, CRM, and LOS systems via API or Miren Loan Origination Software, providing a comprehensive view of CRA-qualified investments across deposits, loans, credit facilities, and community development initiatives. Miren automates data hygiene, identifying and correcting errors in loan tapes from CDFIs and intermediary lenders, saving time and effort. For institutions without a LOS, Miren provides a loan origination and servicing system specifically designed for community banks and CDFIs to track metrics like job creation and retention in assessment areas.
Target Audience
Miren primarily serves financial institutions, including community banks and Community Development Financial Institutions (CDFIs), that need to track and monitor CRA and HMDA investments for regulatory compliance.
Features
- API integration with major core banking, CRM, and LOS systems for data aggregation
- Automated data hygiene to identify and correct errors in loan tapes
- Loan origination and servicing system for community banks and CDFIs
- Tracking of metrics like job creation and retention in assessment areas
- Real-time monitoring of CRA-qualified investments across various financial products
- Compatibility with Dodd-Frank Section 1071 and CRA Modernization changes
- Loan tape collection from partners with upload capabilities