LAGUNA HILLS, Calif.--(QuestSoft, a provider of mortgage compliance software, reports a record number of early HMDA submitters this year, using the company’s flagship HMDA RELIEF software. The increase in early submissions was assisted by recent updates to HMDA RELIEF and CRA RELIEF – as well as Instant Geocoder, QuestSoft’s popular geocoding software.)--
“The mortgage lending industry continues to face a tidal wave of new rules and regulations that create uncertainty for lenders and their compliance procedures”
HMDA RELIEF and CRA RELIEF include encryption functionality for government submissions, as well as features that simplify the import and data scrubbing process. This year, QuestSoft added a streamlined submission routine that allows customers to submit their HMDA and CRA reports to the Federal Reserve Board with just five clicks of a mouse. QuestSoft was also able to advance the release of its most recent geocoding database, updating more than 600,000 addresses nationwide. QuestSoft remains one of the only companies to update their geocoding database quarterly.
“The mortgage lending industry continues to face a tidal wave of new rules and regulations that create uncertainty for lenders and their compliance procedures,” said Leonard Ryan, president of QuestSoft. “Proactively updating our geocoding software along with our new HMDA checks prior to loan funding has allowed our customers to confidently submit their data much earlier than in years past.”
QuestSoft provides its customers with up-to-date address locating information typically five to nine months ahead of government entities. Ryan notes that releasing the updates in conjunction with one another allows customers to return from the holidays and easily complete their HMDA and CRA submissions.
“I can tell you that the QuestSoft personnel walked me through every step to ensure my report was delivered with no problems,” said Heather O’Mara, QuestSoft customer and an underwriter for the United Nations Federal Credit Union. “It’s comforting to know that it’s the beginning of February and my 2012 HMDA is complete.”
Ryan adds that if customers scrub their HMDA and/or CRA databases for errors quarterly, or use QuestSoft’s Compliance EAGLE automated compliance system (for loan-by-loan error checking), submission in January or February is a foregone conclusion.
“HMDA season doesn’t have to be a hectic time of year for submitters,” said Ryan. “Each year we see more and more early submitters, and an ongoing goal of ours is to make March 1 just another day for our customers.”
Laguna Hills, Calif.-based QuestSoft is an established provider of comprehensive and automated compliance software and services to the mortgage, banking and credit union industries. The company’s products enable more than 1,700 banks, credit unions and mortgage companies to simplify the collection, analysis, compilation and reporting of key lending regulatory report data. For more information about QuestSoft and its products, visit the company's website at www.questsoft.com.