QuestSoft Software Updates Comply with CFPB Rules

Compliance EAGLE meets QM, Ability-to-Repay standards

LAGUNA HILLS, Calif.--(BUSINESS WIRE)--“The lending industry is becoming paralyzed by the constant introduction of new rules, which require lenders and their technology partners to interrupt day-to-day work to amend, add, or eliminate certain processes,” said Leonard Ryan, president of QuestSoft, a provider of comprehensive mortgage compliance software.“Therefore, we are working as quickly as possible to ensure our Compliance EAGLE customers are in compliance well ahead of deadlines and able to properly train their staffs and adjust their internal processes appropriately.”

“The lending industry is becoming paralyzed by the constant introduction of new rules, which require lenders and their technology partners to interrupt day-to-day work to amend, add, or eliminate certain processes”

QuestSoft’s Compliance EAGLE, which automates the entire mortgage lending compliance process in a single system, was updated within hours of the Qualified Mortgage (QM) rules announcement to provide a direct comparison of income reported on the borrower’s loan application to Internal Revenue Service (IRS) transcripts without the need for the lender to rekey information into a separate system. The Ability-to-Repay standards of the loan are a crucial component of the QM regulation.

The establishment of these rules is intended to provide transparency in the mortgage lending industry and prevent further mortgage crises by setting a minimum guaranteed standard for safe harbor from potential legal actions. Ryan believes that mortgage compliance software, such as Compliance EAGLE, provides the necessary automation, data integrity and rule engines needed to ensure lender compliance and peace of mind.

“The Consumer Financial Protection Bureau (CFPB) promises an accurate and expedited implementation for its finalized rules announced in January,” said Ryan. “Easy transitions within the mortgage industry are possible if lenders embrace automation to ensure that every new regulation is handled accurately and quickly.”

QuestSoft’s Compliance EAGLE software offers customers automated compliance review tools to evaluate loan files for adherence to the full range of mortgage lending regulations, including Real Estate Settlement Procedures Act (RESPA), Home Mortgage Disclosure Act (HMDA), Truth in Lending Act (TILA), Community Reinvestment Act (CRA), flood determination requirements and other consumer and predatory lending laws. All of QuestSoft’s products are supported by its top-tier customer service term, which consistently receives the highest marks in the industry for customer satisfaction.

About QuestSoft

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.