In order to help lenders meet both the current and the significantly expanded CFPB Home Mortgage Disclosure Act (HMDA) standards that are pending release, QuestSoft has packaged its HMDA and geocoding components to form “Instant HMDA” - providing lenders with the easiest, fastest and most cost effective HMDA data validity solution available.
The features within Instant HMDA allow lenders to correct Validity and Quality errors at the point of contact. In addition, census tract data can be obtained with just one click. Options include:
- Instant Geocoder – to accurately match addresses with scores that allow for minor data variation elements that often occur
- HMDA Review – to analyze production for error-free submissions
- Rate Spread – to calculate whether a loan is a Higher Priced Mortgage Loan (HPML)
Instant HMDA is integrated into and available for OpenClose LenderAssist clients.
Instant HMDA forms an instant check while the loan is still being processed and before errors become regulatory fines.
Want to find out more?
to request more information on Instant HMDA inside OpenClose.
In addition, when used in Compliance EAGLE, lending institutions are equipped with automated rule sets to identify and adhere to regulatory exceptions and guidelines, performing TILA/RESPA Integrated Disclosure (TRID) compliance, Qualified Mortgage/Ability-to-Repay (QM/ATR), High Cost, Guaranteed Fee Tolerances and Transfer Tax services, Truth in Lending Act (TILA), Real Estate Settlement Practices Act (RESPA) compliance on non-TRID loans, federal, state and local consumer lending laws, Home Ownership and Equity Protection Act (HOEPA), Office of Foreign Assets Control (OFAC), Social Security Number (SSN) checks, exclusionary lists, NMLS License verifications, among other tests.