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News Area Archive
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QuestSoft Announces Exclusive Strategic Alliance with Calyx Software ; |
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QuestSoft and Calyx Software team up to automate HMDA Process LAGUNA HILLS, Calif., January 31, 2005 – QuestSoft, a provider of Home Mortgage Disclosure Act (HMDA) and Community Reinvestment Act (CRA) compliance solutions and geocoding services, announced an exclusive strategic alliance with San Jose, Calif.-based Calyx Software, Inc., a provider of mortgage automation software to direct lenders and mortgage brokers, that streamlines and automates the HMDA submission process for users of Calyx Point, the company’s loan origination software system. This strategic move makes QuestSoft the exclusive compliance software provider for Calyx in calculating the annual percentage rate (APR) and rate spread, which is used to determine pricing information under new and expanded HMDA reporting requirements. The ability to calculate this spread along with other features of the interface saves Point users approximately 90 percent of the time necessary to correct errors and submit a fully compliant HMDA report to their regulator. According to Calyx officials, more than 200 Point Customers currently use QuestSoft’s HMDA RELIEF compliance software. "QuestSoft chose Calyx as a place to integrate their software because of the large number of our customers who use their software. They offer a very valuable service to our customer base and have become a very valuable Preferred Point Partner", said Dennis Boggs, Senior Vice President of Business Development at Calyx. All facets of HMDA reporting are now provided to Point users through the expanded QuestSoft integration. Users can import HMDA reportable loans directly into HMDA RELIEF, which analyzes thousands of loans per minute to completely automate the submission process. Point users can also take advantage of automated error correction and encrypted email submission of HMDA data directly to the appropriate regulatory agency in a matter of minutes. “Calyx has leveraged their strong relationship with QuestSoft to ensure its users have an effective, automated compliance solution for meeting HMDA reporting requirements,” said Leonard Ryan, president of QuestSoft. "This new alliance addresses a vital need of their banking customers and significantly expands the number of automated compliance solutions available to Point users." Calyx users will also receive QuestSoft's integrated Fair Lending data collection solution. HMDA RELIEF now automatically imports more than 40 fair lending fields from Point in addition to the HMDA fields. This enables risk-averse Point users a convenient tool for reviewing their data before submitting it to regulators. As a result of this alliance, Calyx users are able to utilize these additional fields at no cost. About Calyx SoftwareCalyx Software is dedicated to helping mortgage brokers and direct lenders increase their profitability by providing reliable and affordable software that streamlines and optimizes all phases of the loan process. The Calyx Point Solution connects loan officers and processors to numerous lenders and service providers, using technology that allows all parties to exchange data easily. This seamless interaction, coupled with the robust features in the Calyx Point Solution product line, increases efficiency and maximizes profitability by enabling more loans to close more quickly. For more information about Calyx Software, please visit www.calyxsoftware.com. About QuestSoft
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