|[February 13, 2013]
QuestSoft Helps Record Number of Lenders File HMDA Submissions Early
LAGUNA HILLS, Calif. --(Business Wire)--
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.
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
"The mortgage ending 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
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.
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