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Fastest Growing Lenders Use Compliance Software to Simplify Reporting

Recent Home Mortgage Disclosure Act (HMDA) data released by the ""Federal Financial Institutions Examination Council"":http://www.ffiec.gov/hmcrpr/hm092010.htm (FFIEC) revealed that 11 percent of lenders[IMAGE]

doubled their volume during the 2009 calendar year. Of those lenders, 40 percent use HMDA and compliance software from ""QuestSoft"":http://www.questsoft.com, according to a statement from the California-based company.

""Loan production went up in 2009 even though loan purchases dropped,"" explained Leonard Ryan, founder and


president of QuestSoft. ""The industry also saw a consolidation of business as fewer lenders closed more loans. 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.""

QuestSoft also noted that 30 percent of first-time reporters prepared and submited HMDA Loan Application Registers in March using QuestSoft's HMDA Strategic Database, which provides lenders with a tool to interpret the 1.5 million data elements contained in the 2009 HMDA data.

QuestSoft's HMDA RELIEF software guides lenders through the HMDA compliance and submission process. CRA RELIEF reviews a financial institution's loan data to ensure compliance with the Community Reinvestment Act (CRA) for all bank asset sizes. Instant Geocoder verifies addresses and demographic information.

""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, VP of ""AimLoan.com"":http://www.aimloan.com, a lender headquartered in San Diego.

About Author: Heather Cernoch


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