QuestSoft Updates Fair Lending RELIEF to Include Analysis of Consumer Lending
New features add depth to an already powerful tool.
LAGUNA HILLS, Calif., October 15, 2020 — QuestSoft's latest enhancement to Fair Lending RELIEF is a new module that allows lenders to analyze non-HMDA consumer lending activity.
The most significant challenge in analyzing consumer lending is the absence of applicant demographic data. Fair Lending RELIEF has been updated to include proxy assignments for race, ethnicity, gender, and Bayesian Improved Surname Geocoding (BISG) consistent with regulatory methodologies.
"We are excited to offer fair lending monitoring and analysis tools such as matched pair testing, data analysis and mapping for both HMDA and consumer lending," said Loretta Kirkwood, Vice President of Compliance for QuestSoft. "Automated assignment of proxy data for consumer lending allows lenders to quickly identify and address fair lending risk."
Fair Lending RELIEF gives lenders the ability to easily import consumer data for enhanced fair lending risk analysis. The program also gives users the option of automatically assigning proxy designations to thousands of records -- done in mere seconds -- as well as view the results of probability calculations for individual records.
"Many institutions are still conducting this type of analysis using spreadsheets or relying on third-parties," said Leonard Ryan, president of QuestSoft. "By designing Fair Lending RELIEF to work with consumer loans, many lenders will save time and reduce costs associated with consumer fair lending analysis.
In addition to fair lending, Compliance RELIEF provides lenders with Home Mortgage Disclosure Act (HMDA), Community Reinvestment Act (CRA), and NMLS Mortgage Call report modules that include geocoding mapping, analysis tools, and market data for a complete mortgage compliance solution.
QuestSoft Corporation is the leading provider of comprehensive compliance software and services for the mortgage, bank and credit union industries. QuestSoft offers solutions for HMDA processing and reporting, CRA and fair lending compliance analytics, automated compliance reviews and software design expertise, enabling more than 2,500 customers to simplify and speed the collection, analysis and reporting of key lending data. For more information, call 800-575-4632, ext. 1, or visit www.questsoft.com.