The Compliant Will Thrive

As the mortgage industry adjusts to a new regulatory environment, QuestSoft Corp. continues to meet the compliance demands of the market. QuestSoft has seen significant growth of its Compliance EAGLE solution during the past two months, adding more than 40 customers and positioning the company to process more than one million loan reviews by year-end. The growth of the last two months caps a year in which QuestSoft saw its largest influx of new customers in company history.

Compliance EAGLE, QuestSoft’s flagship software, automates the entire mortgage lending compliance process in a single system, providing financial institutions with the necessary automation, data integrity and rule engines needed to ensure compliance. New customers cite the software’s ease of use, comprehensive testing and reporting features as key factors in their decision to work with QuestSoft.

“When the Consumer Financial Protection Bureau’s (CFPB) mortgage rules went into effect on Jan. 10, 2014, the mortgage industry was ill-equipped to handle the new processes and fine-print details of the regulations,” said Leonard Ryan, president of QuestSoft. “These regulatory demands are fueling QuestSoft’s growth due to the fact the rules are so complex, and QuestSoft makes complying with the rules much easier.”

Compliance EAGLE is equipped with automated rule sets to identify and adhere to regulatory exceptions and guidelines, performing Qualified Mortgage/Ability-to-Repay (QM/ATR), High Cost, Home Mortgage Disclosure Act (HMDA), Truth in Lending Act (TILA), Real Estate Settlement Practices Act (RESPA), federal, state and local consumer lending laws, Home Ownership and Equity Protection Act (HOEPA), Office of Foreign Assets Control (OFAC), Social Security Number (SSN) checks, exclusionary lists, NMLS License verifications, and much more.

“Automated mortgage compliance software is how financial institutions will ensure and achieve compliance in this new regulatory era, establishing Compliance EAGLE as the solution that enables our customers to reach this goal,” said Steve Butler, senior vice president of Business Development for QuestSoft. “QuestSoft’s new and existing Compliance EAGLE customers are provided the necessary tools to meet their business goals and address their regulatory challenges.”

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