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Announcement Timely Given Flight from Stated Income Loans
Laguna Hills, Calif., January 2, 2008 - QuestSoft, a provider of compliance software and services for lenders, announced that it has entered into an agreement with Santa Ana, Calif.-based Cipher Data Resources, Inc. to exclusively market, develop, support and integrate all Cipher products and services from within the QuestSoft organization.
The partnership gives lenders access to Cipher1 Cash Flow Analysis Software along with QuestSoft’s extensive lending compliance software. Cipher1 makes the time-consuming task of determining stated income availability for repayment of debt or lease obligations, simple and accurate. Cipher1 and QuestSoft’s Compliance EAGLE, Instant Geocoder, HMDA RELIEF and CRA RELIEF give lenders powerful tools for compiling, analyzing and reporting all lending compliance regulations.
“By partnering with Cipher Data Resources, we are able to give our customers even more peace of mind by providing a powerful tool that analyzes borrower’s incomes from personal, corporate and partnership Federal income tax returns in accordance with Fannie Mae and Freddie Mac underwriting guidelines,” said Leonard Ryan, president of QuestSoft. “Even users who are not familiar with tax returns will be able to quickly determine qualifying income on the most complex returns with the simple entry of a few key pieces of data.”
Underwriters can save hours reviewing tax returns using the automated underwriting worksheets that determine compensating factors and create warnings as the tax return is analyzed. These features contribute to the high percentage of customers that report time savings of 90% or more in underwriting time using QuestSoft’s recommended analysis procedures. The software is also an excellent training tool that provides consistent analysis procedures to aid your fair lending compliance. Cipher1 also detects fraud within the return before a 4506-T is requested.
Cipher’s 4506-T service was one of the first that worked directly with the Internal Revenue Service to automate the process of obtaining tax transcripts. In addition to verifying entries on the borrower supplied tax return, these services also uncover inconsistencies in Social Security Numbers, Employer Identification Numbers, Taxpayer Identification Numbers and addresses.
Ryan summarized the agreement as a QuestSoft milestone in advancing the company’s concept of providing reliable and complete compliance for its customers. “Cipher products have been developed very well technically. With the recent flight from stated income and subprime loans, the company needed an innovative partner to market its offerings to a new breed of lender, “Ryan said. “With the market for those loans now virtually gone, our customers will need tools to analyze and fund self employed and complex investors accurately and quickly.”
Stephen Bristol, Cipher President also praised the agreement. “The partnership with QuestSoft helps us get these important products and services to the marketplace much more efficiently,” Bristol said. “QuestSoft’s established user base, great reputation for quality products and support, in-house marketing staff and internal product distribution efficiencies will allow instant benefits to customers.”
Another benefit of the agreement is that Cipher products will be able to be seamlessly ported into QuestSoft’s current services.
QuestSoft plans to immediately integrate Cipher personnel into their operations and re-brand the product into a suite of tax analysis and fraud services. Ryan added that in the coming months, its Compliance EAGLE automated compliance system will begin to offer integrated Cipher features and functionality. QuestSoft also plans to introduce additional advanced fraud detection services during the year.
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 complete compliance management to more than 1,500 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. In addition, the company has received recognition for its many technological accomplishments including a recent prestigious best practices award for assisting credit unions in achieving substantial time savings through use of its products.
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