2000 Articles | 1999 Articles

QuestSoft Press Archive

QuestSoft Ships Instant Geocoder Database Engine

LAGUNA HILLS, Calif. (BUSINESS WIRE) --Aug 29, 2001--Latest Product Allows Fast, Easy Integration with Financial Industry Software and Custom Applications

QuestSoft today announced that it has just completed shipments of its new Instant Geocoder census tract database to the 700 customers of its flagship HMDA RELIEF software.

Outlining the strategic benefit of the product QuestSoft President Leonard Ryan explained, "We have taken an expensive chore of compliance departments and streamlined it into a single tool that can help bring more clients in the door." Instant Geocoder populates applications with accurate census tract information at the push of a button.

The launch of Instant Geocoder is significant in that it is the only product available on the market that offers an API interface for use within any application software program. A Developer's Kit is available from the company for loan origination software developers and other companies who wish to offer Instant Geocoder as a feature. Complete integration has been accomplished in as little as four hours.

The design of the product also breaks several other technological barriers. The database is one quarter the size of previous QuestSoft databases yet covers more addresses than before, in less than 100 MB of disk space. QuestSoft programmers are quick to point out that this efficient file size allows Instant Geocoder to be quickly updated on field-based laptop computers.

Also newly engineered is the ability for several CPU's to work with data simultaneously and quarterly upgrades can now be installed live while the product is in use over a network. Site licenses are offered in statewide, regional and entire United States coverage.

QuestSoft sees great opportunity in using the product at the point of origination. Ryan noted that customers of QuestSoft's HMDA RELIEF product realize a time savings of up to 90% and can expect similar results once Instant Geocoder is integrated into other applications. Pricing loans to encourage stronger Community Reinvestment Act (CRA) and Home Mortgage Disclosure Act (HMDA) performance ratings is another valuable option.

"Instant Geocoder changes the way the mortgage industry can look at marketing and compliance issues," Ryan said.

"By allowing companies to instantly monitor the demographic makeup of customers and prospects, they could quickly make adjustments to improve performance. If you are spending $250,000 a month on a special promotion, Instant Geocoder can help isolate the desired demographic," Ryan added. "Used as a diagnostic tool, it can turn prospects into sales."

Additional demographic data fields will continue to be added throughout the year and provided to vendors at no additional cost.

About QuestSoft
QuestSoft, based in Laguna Hills, is a software development firm with more than 13 years of experience in the design of software for the mortgage industry and another seven years of direct origination, funding and mortgage banking experience. QuestSoft's products include mortgage compliance and geocoding software and services. More than 500 institutions use QuestSoft products, including 15 of America's top 50 sub-prime lenders. QuestSoft's HMDA RELIEF software currently handles almost 30% of the total HMDA transactions submitted annually to HUD. QuestSoft has established relationships (included data-import interfaces) with more than 30 software developers nationwide. For more information about QuestSoft and its products, contact Leonard Ryan at 949/837-9506 or visit the company's Web site at www.questsoft.com. Note to Editors: Windows is a registered trademark of Microsoft Corp. in the United States and/or other countries.

CONTACT:
QuestSoft, Laguna Hills
Leonard Ryan, 949/837-9506
E-mail: len@questsoft.com
Fax: 949/837-9507

KEYWORD: CALIFORNIA