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ATLANTA, Oct. 25, 2010 – QuestSoft, a provider of mortgage compliance software and Home Mortgage Disclosure Act (HMDA) compliance software, announced at the Mortgage Bankers Association’s 97th Annual Convention and Expo the release of the company’s 2010 HMDA Strategic Database.
The database is a compilation of the previous year’s raw HMDA data, which lenders can use to determine where to expand their business or gauge competitor activity. The demographic information gives a detailed breakdown of lending practices – number of loans originated and purchased, loan type and purpose and race analysis – for every ZIP code served by HMDA-reporting lenders. Financial institutions, vendors, loan origination companies, trade associations, consulting firms and federal and state regulators can utilize the database to analyze market trends.
“While the number of reporters, along with loan volumes, decreased overall between 2008 and 2009, a total of 545 institutions reported HMDA for the first time,” said Leonard Ryan, founder and president of QuestSoft. “This group of new reporters included 343 banks, 64 credit unions and 138 mortgage companies that reported an average of 706 loans each. If there is a silver lining in the data, it is that despite the record low purchase volumes, there are institutions purchasing new technology and entering the mortgage business ready to take advantage of dramatic scaling when that business returns.”
The HMDA Strategic Database includes all valid HMDA submitters (8,124 records for 2009) and contains more than 1.5 million data elements with more than 200 data fields on each financial institution. Users are given automatic percentage rates and market share calculations to see how they fit into the current market and where they stand competitively. The database is integrated and compatible with Microsoft® Excel, giving the user the ability and control to create new formulas and manipulate data accordingly.
QuestSoft’s complete compliance offerings include several software platforms to help financial institutions manage lending compliance. Compliance EAGLE is an automated compliance review tool that evaluates a loan file for adherence to the full range of mortgage lending regulations, including Real Estate Settlement Procedures Act (RESPA), HMDA, Truth in Lending Act (TILA), Community Reinvestment Act (CRA), flood determination requirements and other consumer and predatory lending laws. The company also offers HMDA RELIEF and CRA RELIEF, which provide lenders, banks and credit unions specific tools designed to ease the collection, analysis and reporting of HMDA and CRA data.
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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