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Forty Percent of Fastest Growing Lenders Use QuestSoft for Compliance
Dec 13, 2010

The most recent Home Mortgage Disclosure Act (HMDA) data released by the Federal Financial Institutions Examination Council (FFIEC) reveals that despite the overall drop in loan volume, 62 percent of lenders increased their lending activity, with 11 percent of lenders doubling their volume. QuestSoft, a provider of mortgage compliance software and services for lenders, provided HMDA and compliance software for 40 percent of the lenders who doubled their volume. San Diego-based was one of the lenders who doubled their volume in the FFIEC data. Among the many factors attributed to their growth, the company said that relying on QuestSoft for compliance helped the lender spend less time on HMDA reviews without sacrificing quality. “As we've tripled our volume in the past couple of years, HMDA RELIEF cuts the time needed to geocode and prepare the quarterly reports by 90 percent,“ said Mary Hilton, vice president of “HMDA RELIEF is efficient, streamlined and well-priced—a great value to our company.” QuestSoft also helped 30 percent of first-time reporters prepare and submit their HMDA Loan Application Register last March. The data was analyzed using QuestSoft’s HMDA Strategic Database, which provides lenders a tool to interpret the 1.5 million data elements contained in the 2009 HMDA data. Since first offering compliance solutions in 1995, QuestSoft has built its reputation by supplying financial institutions with easy-to-use, affordable compliance solutions. The company’s Compliance EAGLE platform, 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, 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. QuestSoft’s HMDA RELIEF software guides lending professionals through the HMDA compliance and submission process, and CRA RELIEF, reviews a financial institution’s loan data to ensure CRA compliance for all bank asset sizes. An auxiliary product, Instant Geocoder verifies addresses and demographic information. “Loan production went up in 2009, even though loan purchases dropped. The industry also saw a consolidation of business, as fewer lenders closed more loans,” said Leonard Ryan, founder and president of QuestSoft. “With a renewed focus on loan quality from both regulators and investors, nearly half of the fastest growing lenders in the United States rely on QuestSoft to reduce the time spent on monitoring compliance and enhancing the accuracy of reporting.” For more information, visit
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