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Upgrade offers lenders CRA and HMDA compliance at faster speeds with more security
DALLAS, March 16, 2008 – QuestSoft (Laguna Hills, Calif.), a provider of compliance software and geocoding services for lenders, announced at MBA’s Annual Technology in Mortgage Banking Conference & Expo the availability of CRA RELIEF® and HMDA RELIEF® in a SQL version for lenders needing the company’s Windows®-based Community Reinvestment Act (CRA) and Home Mortgage Disclosure Act (HMDA) compliance software in a format compatible with SQL databases.
CRA RELIEF SQL and HMDA RELIEF SQL, which expand the range of QuestSoft’s line of CRA and HMDA compliance software, were developed in response to customer requests for scalable processing capabilities of loan data for high volumes of loans. The update also gives lenders flexible and enhanced reporting capabilities.
“As our customers grow, they produce higher volumes of loans,” said Leonard Ryan, president of QuestSoft. “Providing CRA RELIEF and HMDA RELIEF in a SQL-compatible format gives our larger customers the flexibility and speed they need to process higher volumes of loans while still efficiently maintaining the annual CRA and HMDA submission data.”
Ryan also added that in addition to the ability to offer customized views and report generation, the new products also have very high processing throughput. “Our benchmarks and stress testing of the products over the past five months show that we can process millions of records an hour. HMDA RELIEF SQL and CRA RELIEF SQL are about two to three times faster than competitive products and are capable of servicing any of the top lenders in the country”, said Ryan.
CRA RELIEF evaluates the lender’s performance and compliance with all federal CRA regulations for performance ratings monitoring. Five major Lending Test reports categorize and address each of the specific tests applied during the CRA examination. Eleven additional market data reports are optionally available to analyze specific assessment areas and compare peer data. QuestSoft has also included a mapping export that can be used to view, print or e-mail maps of lending activity.
HMDA RELIEF SQL offers lenders a compliance solution with enhanced features to accurately prepare and submit HMDA data. Features include summary performance reports and rate spread analysis reports by race, ethnicity and gender. Fair lending fields are also collected and available for analysis. The software also enables lenders to filter by states or users and allows for exports based on these filters to conform to lending inquiries from specific states without divulging excess private information and subjecting lenders to risk beyond a state’s jurisdiction.
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.
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