QuestSoft Adds Fair Lending Module to Compliance Platform
June 10, 2019
QuestSoft Corp. has incorporated a fair lending module into its Compliance RELIEF regulatory reporting and analysis platform.
According to the Laguna Hills, Calif.-based company, the newly-added Fair Lending RELIEF module will allow lenders to monitor Home Mortgage Disclosure Act (HMDA) lending performance in order to pinpoint areas of higher risk. The new module brings in a fair lending performance analysis and monitoring tool to assist in identifying potential matched pairs, underwriting and pricing disparities, as well as levels of assistance, steering and redlining risks. The company added that the performance analysis capability includes a review of the individual loan records behind the result.
"Fair lending risk management obviously isn’t a new concept," said Loretta Kirkwood, vice president of compliance at QuestSoft. "Lenders need help identifying, managing, and limiting performance risk. We created Fair Lending RELIEF to use the lender’s existing HMDA data to simplify that process."
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