QuestSoft LeadER Product Wins PROGRESS in Lending Innovator Award
Removing the friction between pre-qual and funding makes QuestSoft a winner.
LAGUNA HILLS, Calif., February 23, 2021 – QuestSoft Corporation announced today that the company has been awarded an Innovations Award from PROGRESS in Lending in its eleventh annual competition. The company was recognized for LeadER, a new digital compliance tool it added to its Compliance EAGLE platform to deliver critical compliance at a justified price point during the loan prequalification process.
“The focus on lending compliance has traditionally been on originated loans due to pricing,” said Leonard Ryan, founder and President of QuestSoft. “We wanted to completely change that dynamic and reduce the friction involved in moving from pre-qualification to funding. We are so honored to be recognized for this exciting innovation.”
LeadER is an easily customizable addition that allows lenders to quickly check all applicable State and Federal rate limits. It is based on the applicable index values to verify that a loan would not be "High-Cost" before providing a rate quote to a borrower. The tool also calculates and/or verifies APR and payment streams for multiple side-by-side quotes within the same review request. LeadER can create calculations for all types of loans (fixed, ARM, specific payment variations, etc.).
“Our annual awards program looks for the innovation’s overall industry significance, the originality of the innovation, the positive change the innovation made possible, the intangible efficiencies gained as a result of the innovation, and the hard cost and time savings that the innovation enables industry participants to achieve,” said Tony. “This honor is the Gold Seal when it comes to recognizing true industry innovation.”
QuestSoft Corporation is the leading provider of comprehensive compliance software and services for the mortgage, bank and credit union industries. QuestSoft offers solutions for HMDA processing and reporting, CRA and fair lending compliance analytics, automated compliance reviews and software design expertise, enabling more than 2,500 customers to simplify and speed the collection, analysis and reporting of key lending data. For more information, call 800-575-4632, ext. 1, or visit www.questsoft.com.