Quantcast

Record Number of Lenders File HMDA Submissions Early

FEB 14, 2013 3:47pm ET
Print
Email
Reprints
Twitter
LinkedIn
Facebook
Google+

QuestSoft reports so far this year “a record number” of lenders have filed early data required by the Home Mortgage Disclosure Act and the Community Reinvestment Act.

The Laguna Hills, Calif.-based provider of automated compliance software and services to more than 1,700 banks, credit unions and mortgage companies, said the number of early HMDA submitters using the company’s software has grown significantly.

The annual HMDA submission deadline is March 1.

According to QuestSoft, recent updates of its three flagship software platforms—HMDA Relief, CRA Relief and Instant Geocoder—appear to have caused the change.

HMDA Relief and CRA Relief include encryption functionality for government submissions, as well as features that simplify the import and data scrubbing process. This year, as mortgage lenders and servicers continue to face the uncertainty of changing new rules and regulations, says Leonard Ryan, president of QuestSoft, it becomes imperative for mortgage service providers to proactively update related software. Geocoding along with QuestSoft’s new HMDA checks prior to loan funding has allowed users “to confidently submit their data much earlier than in years past.”

Updates include a streamlined data submission portal that enables users to submit their HMDA and CRA reports to the Federal Reserve Board with just five clicks of a mouse, he said. In addition, following its quarterly geocoding database updates routine, QuestSoft released a new database with more than 600,000 addresses nationwide.

  • MT Award Winners
  • Remembering Steve Fraser
  • CFPB eClose Pilot
Twitter
Facebook
LinkedIn
Already a subscriber? Log in here
Please note you must now log in with your email address and password.