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New reports, import options and duplicates handling system accommodates submission requirements
LAGUNA HILLS, Calif., January, 02 2005 – QuestSoft, a provider of Home Mortgage Disclosure Act (HMDA) and Community Reinvestment Act (CRA) compliance solutions and geocoding services, announced its release of CRA RELIEF Year-End, the updated version of the company’s latest CRA 2.0 compliance software system.
CRA RELIEF Year-End delivers an updated, cost-effective risk management solution that further simplifies data collection, reporting and analysis to ensure compliance. The solution’s most noted enhancements include a new duplicates handling system, assessment area summary and loan application register (LAR) reports and new import options from standard formats. In addition, CRA RELIEF Year-End includes several changes to accommodate specific year-end submission requirements to regulators.
“As the March 1 deadline for CRA data approaches, it is vital that our software contain features that take the complexity out of the data collection, correction and submission process.” said Ken James, vice president of Compliance Services at QuestSoft. “We introduced CRA RELIEF Year-End to alleviate customer’s time spent on maintaining compliant data and focus on performance and profitability, while also running a successful business.”
The most recognized enhancement to CRA RELIEF Year-End is its duplicates handling system, which enables customers to save time and resources by consolidating up to ten records with the same application/loan number into a single record. Duplicate checking is run every time the database is tested, and it enables users to establish and recognize patterns for future duplicate records that may be displayed during the testing process.
CRA RELIEF Year-End also includes home mortgage loan reports that detail performance based on borrower characteristics. It presents relative data relationships on one report for quick summary analysis of CRA performance. The reports enable customers to know the right course of loan action to take regardless of mortgage expertise. A custom report further illustrates all loans by category and loan number for quick data verification similar to a HMDA LAR report. In addition, CRA RELIEF Year-End can import from standard CRA and HMDA formats along with Fiserv easyLENDER, Sound Software and comma-delimited formats.
About QuestSoft
Laguna Hills, Calif.-based QuestSoft is a compliance software development firm specializing in the Home Mortgage Disclosure Act (HMDA), Community Reinvestment Act (CRA), flood determination and other settlement services to more than 1,200 banks, credit unions and mortgage companies nationwide. The company provides software design, compliance-quality geocoding and outsourcing services that are backed by 16 years of direct mortgage software and origination experience.
For more information about QuestSoft and its products, visit the company's Web site at www.questsoft.com. |
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