Vendor Looks To Ease The Compliance Burden

QuestSoft has updated Compliance RELIEF’s SQL-based architecture to prepare for anticipated CFPB HMDA changes and provide advanced reporting and compliance capabilities. The software assists banks, credit unions and mortgage lenders in processing the majority of their compliance requirements in one convenient system via integrations with top Loan Origination Systems (LOS).

Compliance RELIEF offers analysis and reporting for Home Mortgage Disclosure Act (HMDA), Community Reinvestment Act (CRA), Fair Lending, NMLS Call Reporting (coming soon) and Geocoding Verification Services under one integrated compliance umbrella. Lenders have used QuestSoft’s individual RELIEF products successfully in more than 10,000 audits over the past 20 years. The new combined database enhancements in Compliance RELIEF provide a stronger workflow and additional options for analyzing loan data and reporting to company executives before government submission deadlines. It also helps lenders “tell their story” before the examiners come knocking.

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“Compliance RELIEF is the easiest, most robust way to comply with the critical compliance demands and reporting requirements of today’s heightened regulatory environment,” said QuestSoft president Leonard Ryan. “The software is the only tool on the market that helps lenders manage both the federal and state reporting regulations simultaneously in one consistent package.”

Compliance RELIEF features a secure single interface that accesses the subscribed modules. At the same time, the software stores and spans multiple data reporting years for consistency and more meaningful analysis. This approach lessens the training burden and establishes uniform data integrity standards. It also enables the program to easily accommodate future compliance regulations at both the federal and state level. Compliance RELIEF is designed to operate in any modern Windows platform. The product also contains integrated digital mapping and up to date market data for comparison to peers.

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“Lenders who do not properly submit these reports face stiff penalties and fines,” Ryan said. “By continually making Compliance RELIEF more robust, we’re helping lenders remove the complexity from compliance reporting.”

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