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Robust CRA compliance solution helps banks exceed federal requirements
LAS VEGAS, Nov. 8, 2007 – QuestSoft (Laguna Hills, Calif.), a provider of compliance solutions and geocoding services for bankers and lenders, announced today at the 2007 America’s Community Banker’s Conference that 65 banks licensed the CRA RELIEF 2.5 software since the beginning of summer. CRA RELIEF 2.5 is the company’s Community Reinvestment Act (CRA) compliance software system, which evaluates a bank’s lending performance and ensures compliance with all federal CRA regulations for performance ratings and process evaluations with the same Lending Test reports that federal bank examiners use.
In today’s financial environment, consumer watchdog groups as well as bank examiners are placing an increased focus on compliance. The interest in software tools to manage compliance is rising at a rapid pace. Banks benefit from the use of CRA RELIEF because it simplifies the process, providing complete reports to help banks pass CRA exams. The software also gives banks the tools they need to analyze their service area and identify areas in which to expand the bank's services and products.
“The demand for CRA RELIEF demonstrates that banks, more than ever, are in need of compliance solutions that lower costs, reduce risk and shorten the number of man hours spent compiling, correcting and submitting data,” said Leonard Ryan, founder and president of QuestSoft. “Our years of industry and compliance expertise have helped us to develop and manage solutions to meet the day-to-day requirements of financial institutions as well as federal and state regulations. The fact that CRA RELIEF is affordable, easy to use, and offers a wide array of meaningful Lending Test reports, has made it a desired product to financial institutions of all sizes. Couple that with our Key Performance Benchmark Reporting module, and financial institutions large and small can compare their performance with their peers.
Since first offering compliance solutions in 1995, QuestSoft has built its reputation in the financial services industry by supplying institutions with top tier compliance solutions. In addition to CRA RELIEF, QuestSoft offers Compliance Eagle, an end-to-end mortgage compliance solution, saving financial institutions time and money; HMDA RELIEF, QuestSoft’s flagship product, which guides lending professionals through the compliance and submission process, saving 90 percent in preparation time over manual processes; and Instant Geocoder which verifies addresses and demographic information by census tract..
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 1,600 banks, credit unions and mortgage companies nationwide. The company maintains the highest market share of any commercial supplier in two thirds of the targeted markets that its HMDA products service. In addition, the company has received consistent recognition for its many technological accomplishments among trade publications and vendor partners.
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