Making Compliance Much Easier

*Making Compliance Much Easier*
**By Tony Garritano**

TonyG***Everyone knows that lenders are burdened by compliance these days. It’s tough out there. However, innovative technology companies are trying to ease that burden every day. For example, I just learned that QuestSoft has entered into an agreement with Calyx Software to provide QuestSoft’s line of compliance products to Calyx’s customer base of banks, credit unions, mortgage bankers and brokers. Here’s what this agreement means to the mortgage industry:

****Under the agreement, QuestSoft will package components of its HMDA RELIEF, Compliance EAGLE and the recently announced Compliance RELIEF line of regulatory products under the special Calyx label—Calyx Verifyde to replace Calyx’s current regulatory reporting options. QuestSoft will enhance the products on behalf of Calyx to ensure their Point and Path customers consistently adhere to the vast array of federal and state reporting regulations. QuestSoft will also provide training, programming and customer assistance as needed to directly benefit Calyx’s customer support operations in Dallas.

****Regulations initially supported include the Home Mortgage Disclosure Act (HMDA) along with all Dodd/Frank changes set to be announced shortly, HMDA Plus requirements of the Office of the Comptroller of the Currency, NMLS Mortgage Call Report, California Form RE 881 for mortgage brokers, North Carolina Mortgage Lending Act data uploads, South Carolina Mortgage Log System, Nevada Monthly Activity Report and other state regulatory reporting as needed.   QuestSoft will also provide direct assistance to Calyx customers for Community Reinvestment Act (CRA) and Fair Lending services.

****In addition, QuestSoft will be providing Calyx customers with a special set of error checks it has developed along with uploads of the RegulatorConnect Licensee Examination File required by the Conference of State Bank Supervisors (CSBS) for multi-state exams, and by some individual states for their exams.

****“Our new relationship with QuestSoft allows Calyx to significantly expand the automation in our compliance offerings and concentrate our resources on more productivity enhancements,” said Dennis Boggs, executive vice president, business development of Calyx Software. “We also now have an additional team of expert resources to rely on that is very hands-on in assisting our lenders with their compliance questions and concerns.”

****According to a 2010 study conducted by Access Mortgage Research & Consulting, 72.5% of mortgage brokers reported using Calyx Point as their preferred loan origination platform. A market leader for mortgage lenders as well, Calyx supports 36% of community banks, credit unions, and mortgage bankers with Point and PointCentral products. Added to QuestSoft’s existing client base, this new relationship will make QuestSoft mortgage compliance products used by more companies than all other private providers combined.

****“We have a long and trusted association of helping Calyx customers dating back nearly two decades”, said Leonard Ryan, QuestSoft President. “This opportunity is a solid victory for both Calyx and their customers given the complexities of today’s regulatory environment and our focus in this segment. The products we are including have successfully been used in over 10,000 audits over the past 18 years.”

****Ryan indicated that Calyx is expecting QuestSoft to begin providing compliance to its customers for the 2013 year end reports required to be submitted in the first quarter of next year. Calyx plans to separately announce the availability of its new compliance lineup to its customers and the industry within the coming weeks.

Tony Garritano
Tony Garritano is chairman and founder at PROGRESS in Lending Association. As a speaker Tony has worked hard to inform executives about how technology should be a tool used to further business objectives. For over 10 years he has worked as a journalist, researcher and speaker in the mortgage technology space. Starting this association was the next step for someone like Tony, who has dedicated his career to providing mortgage executives with the information needed to make informed technology decisions. He can be reached via e-mail at tony@progressinlending.com.