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QuestSoft Releases Free CFPB HMDA Testing Version to Customers

by Brian Arnesen | Aug 04, 2017

Product comes one full year in advance of CFPB implementation of expanded rules

LAGUNA HILLS, CALIF., Jan. 11, 2017 – QuestSoft, a provider of automated mortgage compliance software, has released a testing version for the new Consumer Financial Protection Bureau (CFPB) HMDA rules that go into effect in 2018. The special module is available in the company’s Compliance RELIEF HMDA software and enables customers to test imports and perform data validation on 110 HMDA data points, as if the new data collection rules from the CFPB were in effect today. 

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The software uses live customer data from either Year 2016 or 2017 and converts it to the 2018 format so that lenders can examine data quality and gaps in their procedures well in advance of the January 1, 2018 deadline.

“This is the most sweeping change to HMDA since its inception, and QuestSoft has delivered on every deadline since we established our release schedule last summer,” said Leonard Ryan, QuestSoft president. “Our goal has been to ensure that lenders using our software do not face the last minute challenges and delays they faced with other CFPB regulations such as TRID and QM/ATR.”

The module is available free of charge to all QuestSoft Compliance RELIEF customers that have licensed the HMDA module for Year 2017. Last October, QuestSoft also sent specifications to 29 loan origination software companies, and those imports are expected to come online during the first quarter of 2017. Customers can then import live data from those LOS platforms to see gaps, interact with their systems, and internally adjust their procedures.

Loan Origination Systems that have already indicated they intend to export into the QuestSoft format early in the year include popular platforms such as Ellie Mae Encompass, Calyx Point and LendingQB. Many of the systems have indicated they plan on having exports available by mid-summer at the latest.

QuestSoft’s CFPB HMDA test version is also being provided well in advance of the CFPB’s schedule. Compliance RELIEF has been designed so that as error codes and other specifications are made available by the CFPB, QuestSoft will be able to incorporate them quickly and distribute updates to lenders testing their processes.

To further assist their customers in managing the transition to the new HMDA standards, QuestSoft has also entered into an agreement to provide special training resources using The HMDA Academy free of charge to its Compliance RELIEF customers. This agreement extends to March 2019 to ensure that QuestSoft customers are expertly covered and have every resource needed to comply with the new HMDA requirements until their first submissions under the new rules. 

About QuestSoft®

Laguna Hills, Calif.-based QuestSoft is a leading provider of comprehensive compliance software and services for the mortgage, banking 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 LOS providers, enable more than 2,200 clients to simplify and speed the collection, analysis, compilation and reporting of key lending regulatory report data. For more information, call 800-575-4632, ext 1, or visit www.questsoft.com.

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