CRA RELIEF Now Available from QuestSoft; Respected Compliance Solutions Provider Introduces Community Reinvestment Act Software Solution.Business Editors LAGUNA HILLS La·gu·na Hills A city of southern California southeast of Santa Ana. Population: 33,600. , Calif.--(BUSINESS WIRE)--Feb. 6, 2004 QuestSoft, a provider of Home Mortgage Disclosure Act (HMDA HMDA Hexamethylene Diamine (chemistry) HMDA Hitchhiker Motorized Door Assembly HMDA High Mobility DGM Assemblage HMDA Home Mortgage Disclosure Act of 1974 ) and Community Reinvestment Act Community Reinvestment Act (CRA) Enacted by Congress in 1977, the CRA encourages banks to help meet the credit needs of their communities for housing and other purposes, particularly in neighborhoods with low or moderate incomes, while maintaining safe and sound operations. (CRA See Community Reinvestment Act. ) compliance solutions and in-house geocoding services for brokers and lenders, announced today the official availability of CRA RELIEF, a CRA data collection, compliance reporting and submission partner to the company's flagship HMDA product, HMDA RELIEF. CRA RELIEF has been in live use by more than 40 banks of various sizes since November 2003, including First Federal of Lakewood. QuestSoft's CRA RELIEF is a cost-effective risk management software solution that ensures lenders meet all federal CRA regulations for performance ratings See benchmark. and process evaluations in a one-step submission. CRA RELIEF fully summarizes a financial institution's CRA data through quick and easy import options and drop-down menus See pull-down menu. drop-down menu - pull-down menu in order to ensure that the institution's compliance submissions meet all government requirements. QuestSoft's software further facilitates data integrity and compliance assurance through assessment area control, targeted analysis reports, loan detail sampling and corrections tracking. "We bought the product based on our success with HMDA RELIEF, and I am pleased that CRA RELIEF meets the same standards of excellence," said Loretta Kuttler, lending systems analyst at First Federal of Lakewood. "CRA RELIEF was the answer to our CRA reporting needs. The application was easy to install, quick to set up and the customer service is the best. CRA RELIEF will save us a great deal of time, when it comes to organizing our CRA data." "With any new product, we want to be certain it is industry tested and proven, so that our first impression with users is a positive and lasting one," said Leonard Ryan, president of QuestSoft. "Our customers have reported that CRA RELIEF is as user-friendly as HMDA RELIEF. We have also perfected several interfaces and both Year 2003 and Year 2004 rules and submission formats are completely integrated. As a result, we are very confident in the quality and effectiveness of the product." "QuestSoft is leveraging its many years of compliance experience to help meet the demand of our customers for a CRA risk compliance solution that is thorough, user-friendly and cost-effective, " said Ken James Ken James is the name of several people.
In addition, CRA RELIEF provides performance management reports and audit controls that allow for detailed corrective actions A corrective action is a change implemented to address a weakness identified in a management system. Normally corrective actions are instigated in response to a customer complaint, abnormal levels if internal nonconformity, nonconformities identified during an internal audit or and performance analysis without continually re-keying information or maintaining manual records. CRA RELIEF displays entry errors and takes users directly to the error field for quick correction. In so doing, QuestSoft alleviates tedious compliance report reviews and government fines customers would normally incur for submitting incorrect data. Another significant feature of CRA RELIEF is its ability to track community development projects and code them to categories required by examiners. Each record allows for detailed notes to be associated with the loan. "When the examiner visits, everything is in one place, completely categorized cat·e·go·rize tr.v. cat·e·go·rized, cat·e·go·riz·ing, cat·e·go·riz·es To put into a category or categories; classify. cat ," added Ryan. "With a three-year exam cycle, there is a high probability that the employee that initially was involved with the project may have moved on. CRA RELIEF allows documentation of all relevant information so that new employees can quickly pick up and move forward." QuestSoft's popular flagship geocoding solution, Instant Geocoder(TM), is also fully integrated into CRA RELIEF. Instant Geocoder uses the most up-to-date census tract A census tract, census area, or census district is a particular community defined for the purpose of taking a census. Usually these coincide with the limits of cities, towns or other administrative areas and several tracts commonly exist within a county. 2000 demographic information to help lenders and brokers determine a potential loan's HMDA and CRA compliance value and marketability before issuing a loan quote. Verifying loans at the point of origination Origination The process through which a mortgage lender creates a mortgage secured by some amount of the mortgagor's real property. Notes: Also known as loan origination, everyone must go through the origination process when securing a mortgage for a piece of real enables banks to quickly determine whether a loan is being originated in a low-to-moderate income level (LMI LMI Labor Market Information LMI Local Management Interface LMI Logistics Management Institute LMI Linear Matrix Inequality LMI Legemiddelindustriforeningen (Norway) LMI Low to Moderate Income LMI Lender's Mortgage Insurance ) census tract and within a bank's assessment area thus allowing better control over its lending pipeline. Plans for CRA RELIEF over the next six months include the introduction of additional colorful and graphical analysis reports. QuestSoft is currently offering introductory special pricing for only $795 for both small and large bank data preparation and reporting. About QuestSoft Laguna Hills, Calif.-based QuestSoft is a compliance software development firm specializing in the Home Mortgage Disclosure Act (HMDA), Community Reinvestment Act (CRA), flood determination and other settlement services to more than 1,100 banks, credit unions and mortgage companies nationwide. The company provides software design, compliance-quality geocoding and outsourcing (1) Contracting with outside consultants, software houses or service bureaus to perform systems analysis, programming and datacenter operations. Contrast with insourcing. See netsourcing, ASP, SSP and facilities management. services that are backed by sixteen years of direct mortgage software and origination experience. The company has received recognition for its many technological accomplishments. For more information about QuestSoft and its products, visit the company's Web site at www.questsoft.com. |
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