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Database aids lenders in market expansion and analysis
LAGUNA HILLS, Calif., Dec 5, 2006 – QuestSoft, a provider of automated compliance review solutions and Home Mortgage Disclosure Act (HMDA) compliance software, announced the release of the company’s 2006 Mortgage Industry Marketing 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 as well as 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. In addition to financial institutions, vendors, trade associations, consulting firms and federal and state regulators can also utilize the database to analyze market trends.
“Every year, QuestSoft creates a mortgage industry marketing database to identify potential prospects for HMDA RELIEF, our HMDA compliance review software, which leads to the logical progression of offering the same marketing capabilities to our customers,” said Leonard Ryan, founder and president of QuestSoft. “The database gives lenders the opportunity to discover the competition they will face when expanding into new states and the types of loans funded, racial makeup and average loan amounts of the loans provided in those markets.”
The mortgage industry marketing database includes all valid HMDA submitters (8,848 records for 2005) and contains more than 1.8 data elements and more than 200 data fields on each financial institution. Available options include Web addresses on more than 8,200 institutions (more than 92 percent of provided entries), parent company, asset size and CASS-certified address standardization for direct mail purposes. 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.
The database is sold on a per year basis, and buyers can purchase two- or three-year subscriptions at a discounted rate.
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 1,500 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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