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New Reports, Enhanced Graphics, Upgraded Import/Export Functions to Make Compliance More Efficient for Lenders
LAGUNA HILLS, Calif.--(BUSINESS WIRE)----QuestSoft, a provider of Home Mortgage Disclosure Act (HMDA) and Community Reinvestment Act (CRA) compliance solutions and geocoding services, announced today the release of CRA RELIEF 2.0, the latest version of the company's CRA compliance software system, which ensures lenders meet all federal CRA regulations for performance ratings and process evaluations in a one-step submission.
CRA RELIEF 2.0 is designed to offer a practical solution that further simplifies the collection of data and performance analysis done to verify compliance. The solution's latest features includes updated reports to analyze HMDA records, enhancements to the most popular reports used by most lenders such as Aggregate Assessment Area Reports, which are based on the Federal Financial Institutions Examination Council's Interagency Examination Procedures, and expanded import and export features.
"We designed CRA RELIEF 2.0 to shoulder much of the compliance burden and to boost lenders' profitability," said Ken James, vice president of Compliance at QuestSoft. "Compliance continues to be a hot topic throughout the country, and the software is an effective way for lenders to reduce the complexity of meeting CRA regulations and increase their own competitiveness."
There are several new features to CRA RELIEF 2.0 that help users manage workflow and prepare their submission reports for federal regulators. Enhancements to six of the reports offered through CRA RELIEF enable users to print out data by assessment area and a seventh report summarizes the activities in all assessment areas on a single page.
The upgraded version of CRA also offers automated enhanced reports for analyzing home mortgage loan data for CRA examination assessment. The enhanced reports present the most critical data relationships necessary for analyzing actual home mortgage loan performance in one report. This further simplifies and speeds up the compliance process for users. Additionally, an automated export feature has been programmed that enables lenders to outsource their data directly to Bankers' Compliance Group, Inc., a regulatory compliance law firm, for expert analysis and feedback for CRA purposes.
A new export feature now gives lenders a simple and inexpensive way of creating maps of their assessment area in compliance with the public file requirements for CRA. A CRA RELIEF assessment area export file can be easily imported into any mapping program at a fraction of the cost associated with other CRA products in the market.
New graphics in CRA RELIEF 2.0 are used to summarize users' performance for rapid assessment by management, examiners or their own board of directors and make it easier for non-experts to better comprehend submitted data.
CRA RELIEF has integrated into the software an updated version of Instant Geocoder, using GDT/TeleAtlas data, including the mandated 5-digit MSA/MD for the most accurate geocoding in the industry. Instant Geocoder has available "manual look up" and "batch" processing, along with "Aggressive Address Match" features that return alternative addresses automatically. Instant Geocoder also identifies low to moderate level income (LMI) loans by borrower income and geography, enabling quick analysis of LMI performance.
The media is invited to test out a complimentary copy of CRA RELIEF, experience the quick, fifteen-minute download and training process and to receive a product demonstration. If interested, please contact Chuck Meyers at 678-781-7204.
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 other settlement services to more than 1,200 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.
For more information about QuestSoft and its products, visit the company's Web site at www.questsoft.com.
For QuestSoft Chuck Meyers, 678/781-7204 or Elizabeth Salter, 678/781-7224
10/12/2004 08:01 ET
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