QuestSoft, a provider of mortgage compliance software and services for lenders, has announced that it has upgraded its flagship end-to-end compliance software, Compliance EAGLE, to ensure that lenders are prepared for the wave of multi-state exams beginning in 2011. All states are prepared to begin the new multi-state exam procedures adopted by the American Association of Residential Mortgage Regulators (AARMR) and the Conference of State Bank Supervisors (CSBS) beginning next year. However several states, including North Carolina, Pennsylvania and Washington, have indicated they will be ready to adapt the new standards beginning in January. The update to Compliance EAGLE ensures that users will be able to test for state-level compliance in these states in time for the first round of exams in January.
“Many lenders think of compliance software as only being useful for national regulations, but state regulations can be more difficult to track, especially for lenders operating in multiple states,” said Leonard Ryan, president of QuestSoft. “Compliance EAGLE is continuously updated to ensure that lenders can test against all state and local regulations in their geographic footprint.”
Ryan also added that QuestSoft worked specifically with the three states running the first round of exams to ensure that Compliance EAGLE met their standards for the new process. As part of the multi-state exam process, AARMR and CSBS contracted for the development of a standardized data format, the Licensee Examination File (LEF). QuestSoft’s Compliance EAGLE is RegulatorConnect certified to verify that the software meets the standards for facilitating the electronic uploads of loan files that will be required of state-regulated lenders. QuestSoft continued testing directly with state regulators through early October to ensure that information was being properly interpreted without false results.
Outside of helping lenders prepare for the multi-state exams, QuestSoft’s Compliance EAGLE also automates the evaluation of a loan file against a comprehensive suite of more than 300 federal and state compliance regulations representing more than 10,000 pages of standards, including, but not limited to, the Home Mortgage Disclosure Act (HMDA), Community Reinvestment Act (CRA), Real Estate Settlement Procedures Act (RESPA) tolerances, Higher-Priced Mortgage Loans (HPML), Truth-in-Lending Act (TILA), recording fees and flood determination requirements. The program enables lenders to automate the loan review process through the loan’s full workflow.
“Lenders will see another round of major regulatory reforms in 2011,” Ryan said. “Customers using Compliance EAGLE can be assured we will continue providing advanced date-driven updates to ensure that lenders have the tools needed to collect, analyze and report all required regulatory data.”
For more information, visit www.questsoft.com.