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NEW YORK, May 24, 2010 –QuestSoft (Laguna Hills, Calif.), a leading provider of mortgage compliance software and services for lenders, announced that Greenwood Village, Colo.-based Blueberry Systems will integrate QuestSoft’s Compliance EAGLE end-to-end mortgage compliance platform into Blueberry’s RELAY™ loan origination software (LOS). The partnership, announced at the Mortgage Bankers Association National Secondary Market Conference and Expo, improves data integrity by eliminating the need for users to properly identify and port the correct data between the two systems, enabling a seamless method for ordering and processing compliance reviews.
RELAY incorporates Compliance EAGLE’s automated compliance reviews into a single data stream, enabling lenders to analyze loans immediately for compliance with regulatory, investor or organizational standards. The addition of Compliance EAGLE enables RELAY users to complete multiple compliance reviews and reduce the need for manual compliance processes and data entry.
“The most important thing lenders need, especially in a compliance integration, is superior accuracy and data integrity,” said Wil Armstrong, CEO of Blueberry Systems. “QuestSoft’s Compliance EAGLE incorporates a more complete data set than other systems to test for regulatory and investor rules. We need to make sure our customers can comply not only with secondary market reviews but also the regulators’ requirements. The decision to integrate was easy because QuestSoft’s Compliance EAGLE does both.”
Compliance EAGLE evaluates loan files against a comprehensive suite of compliance regulations and standards, including the Home Mortgage Disclosure Act (HMDA), Community Reinvestment Act (CRA) and flood determination requirements, as well as the Truth in Lending Act (TILA), federal, state and local consumer and predatory lending laws. Additionally, Compliance EAGLE’s reviews are widely accepted by many secondary market investors.
Blueberry System’s RELAY platform combines the compliance tests with its Data Audit Framework that allows lenders to create sophisticated business processes using a dynamic and user-defined business rules engine that automatically enforces business and workflow rules. If the findings are out of regulatory, investor or organizational tolerance, the loan can be halted and dealt with appropriately.
“It is a very different lending environment these days. The legislation is very fluid and the Secondary Market will only purchase high quality loans. If an LOS or compliance tool doesn’t have the capacity to accurately process a lender’s loan data to these demanding standards, institutions will have a tough time in the new lending environment,” said Leonard Ryan, president of QuestSoft. “Because of Blueberry’s and QuestSoft’s exceptional commitment to data integrity, the RELAY and Compliance EAGLE integration accurately imports lender’s data and takes away the stress of keeping up with the constant changes to these regulations. This provides lenders with the peace of mind that every loan meets the required standards before closing.”
About Blueberry Systems
Based in Greenwood Village, Colorado, Blueberry Systems, LLC, was founded in 2005 to provide software solutions and consulting services to the financial services industry. RELAY™, the company’s flagship technology, is a highly flexible, fully customizable loan origination system that enables lenders to seamlessly and easily integrate disparate technology solutions. For more information on Blueberry Systems, please visit www.BlueberrySystems.com or call 888-506-2259.
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 website at www.questsoft.com.
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