QuestSoft Updates Compliance RELIEF to Support New HMDA Partial Exemption Rule S.2155

QuestSoft Updates Compliance RELIEF to Support New HMDA Partial Exemption Rule S.2155

LAGUNA HILLS, Calif.–(BUSINESS WIRE)–QuestSoft Corporation, the nation’s leading provider ofautomated
mortgage compliance software
, has updated its automated regulatory
reporting software, Compliance RELIEF, to support all options and
adjustments to the HMDA 2018 Exemption Rule S.2155. The update first
released last October, provides lenders who originate fewer than 500
loans per year the capability to capture exempt data points and choose
how to submit the data on the Loan Application Register (LAR).

The HMDA Partial Exemption Rule provides banks and credit unions with so
called “regulatory relief” from reporting certain HMDA data. Under the
rule, institutions subject to the partial exemptions may choose to
report exempt data fields, but if they do, they must report all data
within that data point. The rule outlines 26 data points that are
subject to the exemption and an additional 22 that are covered by
partial exemptions.

“Even though the exemptions make it sound like smaller lenders do not
need to collect all 110 fields, we encourage lenders to continue to
collect all HMDA data,” said Leonard Ryan, founder and President of
QuestSoft. “The update to Compliance RELIEF provides lenders the ability
to control which exempt fields they report, from data that’s likely in
their Loan Origination System already. This helps institutions best
portray their fair lending compliance without requiring hundreds of
extra hours trying to identify and select the exempt data points they
want to use. Our solution makes it seamless.”

For nearly 25 years, QuestSoft has specialized in financial lending
compliance, including the Home Mortgage Disclosure Act (HMDA), Community
Reinvestment Act (CRA), fair lending, automated compliance rules and
other settlement services. Compliance RELIEF automates the collection
and submission of HMDA, CRA, Mortgage Call Reports, geocoding and
mapping, and fair lending risk assessments, improving accuracy and
efficiency while reducing errors and compliance risk.

About QuestSoft®

Laguna Hills, Calif.-based QuestSoft is a leading provider of
comprehensive compliance software and services for the mortgage, bank
and credit union industries. QuestSoft combines 20+ years of mortgage
regulatory, CRA and Fair Lending compliance analytics, data management
and software design expertise with best-in-class customer service to
consistently improve client compliance accuracy and facilitate smoother
regulatory audits. QuestSoft products, interfaced with over 40 software
providers, enable more than 2,500 banks, credit unions and mortgage
companies to simplify and speed the collection, analysis, compilation
and reporting of key lending regulatory report data. The company’s
software helped lenders submit over eight million error-free
transactions to regulators in 2017. For more information, call
800-575-4632, ext. 1, or visit

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