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Compliance. We've got this.

consolidated compliance reporting

Proactive lending compliance requires a central command and control.

Compliance RELIEF is the platform that banks, credit unions and mortgage lenders use to compile all of their regulatory reports and submission files under one umbrella. And because it’s integrated with leading Loan Origination Systems, data transfer is seamless and report generation only takes one click. In addition, your annual HMDA LAR filing can be submitted with 5 clicks of your mouse!

Solve HMDA reporting and CRA analysis compliance quickly and easily:

  • Leverage data about other lenders in your area or a map of where you’re most active to prepare for regulatory examinations
  • Conquer submissions of quarterly NMLS Mortgage Call Reports or other state-mandated reports
  • Subscribe to only services you require -- no need to pay for what you don’t need
  • Tailor to your organization's needs for compliant, accurate, and rapid results

Once Compliance RELIEF is part of your regulatory workflow, you won't be able to imagine lending without it! Modules include:

icon of a man standing infront of a computer screen    HMDA
  - Streamlined HMDA and fair lending compliance
  - Scalable, powerful and accurate
  - Download the HMDA flyer

icon of a gear on a computer screen    CRA
  - Convert compliance burdens to market opportunities
  - Measure performance like the examiners
  - Download the CRA flyer

icon of a women  holding a piece of paper with a gear symbol    NMLS Mortgage Call Reports 
  - Quickly import data from your LOS
  - Accurately validate loan data and electronically submit

ComplianceRelief_InstantGeocoder    Instant Geocoder
  - Split-second census tract data
  - Full mapping and address verification


map on a computer screen    Mapping
- CRA Assessment Areas
- Map Branches, ATMs, LPOs
- Map loans, gaps in lending

  • 3 Common Errors To Avoid With Mortgage Call Reports

    by Brian Arnesen | Jun 19, 2017
    In 2008, the SAFE Act was created to require all state mortgage licensees to submit a report of loan activity and financial condition to the NMLS. Thus, the beloved Mortgage Call Report was created. Companies that hold a state license or state registration through NMLS (Nationwide Mortgage Licensing System) are required to complete a Mortgage Call Report (MCR). The NMLS provides a FAQ page to answer many questions about MCR’s.

    3 Common Mortgage Call Report ErrorsDepending on the number of mortgages and branch locations, this task is often overwhelming for many companies, specifically mortgage brokers and requires constant vigilance. Filings can be done manually or through the NMLS. QuestSoft provides quick and easy Mortgage Call Reports that can be imported from a Loan Origination System (LOS). Currently, the MCR form is in its 5th version. With constant changes, it is important that your software is not only current but actively checking against errors. 

    Here are your common errors to avoid:

    1.    Not Submitted On Time

    If you in the compliance department, there are a lot of filing dates to keep track of. One mistake to make is missing your filing date. RMLA’s are due quarterly, within 45 days of the end of the calendar quarter and FC’s are due annually, within 90 days of your company’s Fiscal Year End.  If you miss your filing date, your company can face monetary penalties. Some companies have been fined as much as $5,000 for a late filing.

    2.    Filing The Wrong Type Of Report
    According to the NMLS, there are two different types of MCR Filings: The Standard Report (S-MCR) and the Expanded Report (E-MCR). If your company is a Government Sponsored Enterprise Approved Entity then an E-MCR is used. A non-GSE is required to submit an S-MCR. A non-GSE can fill out an E-MCR if it chooses.

    3.    Inaccurate Data
    The NMLS takes its job very serious. Often companies are given a chance to fix errors. However, if your data is inaccurate, there is a chance your company can lose its Mortgage Loan Originator License. Lenders Compliance Group lists these 5 common data issues:

    1. Reversing an Amount field with a Count field 
    2. Closed loan sections not equal 
    3. Providing a loan Count but no Loan Amount.
    4. Loans Originated are not consistent 
    5. Exceedingly high or low average loan size 

     It’s important to have a system that automatically audits your data for errors before you submit your MCR. Mortgage Call Reports from QuestSoft checks each record for both validity and missing data, which not only saves you time but reduces the probability of penalties. 
    Want a 10 minute demo to see just how easy it is? Contact us!
  • Is Your CFPB HMDA Vendor Ready For The New 2018 Changes?

    by Brian Arnesen | Jun 07, 2017
    With only a short time left until the new CFPB HMDA regulations go into effect, many loan origination software (LOS) vendors are touting their readiness to support the regulation's enhanced data requirement. But it wasn't that long ago that we heard the same thing concerning TRID.

    Is Your HMDA Software Vendor Ready     Readiness for a regulation doesn't mean a screen shot or a fancy looking timeline. It means the actual live transfer of accurate, reportable data. QuestSoft released a free 2018 test version to all of its Compliance RELIEF customers a full year in advance. 

    Here are 4 ways to confirm your vendor is on top of the new CFPB HMDA changes.

    1. Make sure your HMDA management software is capable of testing actual expanded CFPB HMDA data today.

    2. Check to make sure your LOS committed to an "in hand", fully function release date at least three months in advance of the effective data collection date - if not, have a Plan B. 

    3. Check to see if you can use live 2016 or 2017 data so you don't have to create artificial test cases.

    4. Ask your vendor about  HELOCS and other consumer channels where the software has not complied with HMDA before. Is it really CFPB HMDA ready? These are the vendors with the toughest conversion programming to add.

    QuestSoft is working with at least 35 major systems at the moment to ensure readiness. Is your software ready? Click Here to request a demo to see all of the benefits of Compliance RELIEF.
  • How The New HMDA 2018 Rules Increase Risk For Fines

    by Brian Arnesen | Jun 07, 2017
    In 2017, more lenders will be subjected to HMDA. Under the new rules, the CFPB estimates that there would be  an increase 40% in the total number of transactions under the new data collection and submission requirements. 

    HMDA Is Changing In 2018
          New loans types such has HELOC reporting, Mixed Use changes, and Reverse Mortgages are subject to the new HMDA changes. In conjunction with more loans being subjected to HMDA requirements, the number of submitted fields will more than double. Currently, there are 44 submitted fields, but that will soon increase to 110. These new fields and lending channels are likely to produce up to a 10x increase in errors compared to previous errors. 

    Feeling overwhelmed. Don't worry, there are solutions that can reduce processing times and error rates by up to 90%. Whether you're a lender with just 25 loans or submitting millions of records, our software provides a more efficient and accurate way to stay ahead of regulations.

    The new CFPB HMDA data requirements also allow examiners to have the ability to automate a fair lending analysis before they meet with you. Additionally, based on a new standard for pricing data submissions and universal rate spread calculations, publicly published data will now result in every lender knowing the pricing practices of its peers. Not only will regulators now be able to identify if you are a fair lending offender within minutes of your submission, but your competitors will also know your profit margins and pricing strategy.

    There are both challenges and advantages to this new world of transparent data availability. We believe you can use this additional data to protect yourself from false accusations and promote more responsible and profitable lending based on the newly expanded peer data. Through data, you can prove how your fair lending efforts exceed your peers.

    In order to better assist our customers, QuestSoft has established a relationship with the HMDA Academy early on to provide FREE access to our Compliance Relief customers until their first submission in March 2019.