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QuestSoft receives certification to process e-files for multi-state compliance exams

Aug 20, 2010

QuestSoft, a provider of mortgage compliance software, has completed RegulatorConnect Certification for compliance with the electronic residential mortgage examinations initiative. In 2008, the American Association of Residential Mortgage Regulators (AARMR) and the Conference of State Bank Supervisors (CSBS) introduced the multi-state exam program to simplify the auditing of state regulated lenders closing loans in multiple states. As part of the planned initiative, AARMR and CSBS contracted for the development of a standardized data format for the exam, which in February 2010 became the Licensee Examination File (LEF). QuestSoft’s RegulatorConnect Certification recognizes that the company’s automated compliance software, Compliance EAGLE, meets the standards for facilitating the electronic uploads of loan files that will be required of state-regulated lenders. “Lenders undergoing multi-state audits will be required to electronically upload every loan into the LEF beginning January, 2011,” said Leonard Ryan, president of QuestSoft. “Compliance EAGLE gives these lenders a Web based tool to analyze their loan files prior to examination for possible errors or issues and generate the LEF required by auditors.” While RegulatorConnect certification is not required by the CSBS or AARMR, the designation offers assurance to lenders that Compliance EAGLE will help them adapt to the new exam process. QuestSoft’s Compliance EAGLE is a Web-based mortgage compliance review tool that evaluates a loan file for adherence to federal, state and local mortgage lending regulations, including the Real Estate Settlement Procedures Act (RESPA), Home Mortgage Disclosure Act (HMDA), Truth-in-Lending Act (TILA), Higher Priced Mortgage Loans (HPML) and other consumer and predatory lending laws. QuestSoft constantly monitors new regulations and updates the software in real time to ensure compliance with newly enacted rules and regulations. “Certification under the RegulatorConnect program has been a very high priority as part of our commitment to providing quality, up-to-date compliance services for our customers,” Ryan said. "Receiving our certification five months ahead of the required deadline is a major milestone for both QuestSoft and the state regulator exam process.” More than 20 loan origination software platforms have completed, or contracted to complete, integrations with Compliance EAGLE, representing more than 35 percent of the nation’s mortgage originations by banks, credit unions and mortgage companies.  For more information, visit www.questsoft.com.
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Aug 20, 2010
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