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LAGUNA HILLS, CALIF., April 14, 2011 – QuestSoft, a leading provider of HMDA submission and mortgage compliance software, recently sent revised import specifications to over 50 loan origination software companies to help them prepare for the onset of the following regulations:
- NMLS Standard Call Report - RMLA Section 1 - Quarterly Submission
- South Carolina Mortgage Lending Act HMDA "Plus" Quarterly Submission Requirement
- Office of Comptroller of the Currency (OCC) HMDA Plus requirements (varies by examiner)
- Anticipated Dodd/Frank HMDA Changes (Federal Reserve/CFPB)
- Other federal and state reports based on combinations of HMDA/Fair Lending/NMLS Licensing Data
The company has dedicated resources to enhance their existing product line by adding features and functionality that will allow lenders to comply with the flurry of new regulations on the horizon.
The updated CSV/XML specifications that should only require the addition of eight fields to most exports, have been posted on the company website at:
http://www.questsoft.com/specs/HMDA-CRA_Complete_ImportSpec.pdf
New fields relating to credit scores and prepayment penalties have been added and nine existing fields have been adjusted to allow for NMLS License IDs and new amortization and loan channel information.
Leonard Ryan, the president of QuestSoft personally attended several of the HMDA hearings conducted by the Federal Reserve last year. In addition, he has had more than ten meetings with the Conference of State Bank Supervisors (CSBS) regarding these reports, licensing issues and the new multi-state exam process. As a result, the company is providing its customers with an eighteen month head start on the new HMDA requirements required under Dodd/Frank.
About QuestSoft
Laguna Hills, Calif.-based QuestSoft is an established provider of comprehensive and automated compliance software and services to the mortgage, banking and credit union industries. The company’s products enable more than 1,500 banks, credit unions and mortgage companies to simplify the collection, analysis, compilation and reporting of key lending regulatory report data. For more information about QuestSoft and its products, visit the company's Web site at www.questsoft.com. |
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