QuestSoft Upgrades for New Compliance Regulations
Laguna Hills, Calif.-based mortgage software developer QuestSoft upgraded its compliance software products to meet the terms of pending legislation affecting the mortgage industry. The changes ensure lenders using the software products can track, test, monitor and report in accordance to the regulations of the Home Mortgage Disclosure Act (HMDA), the Real Estate Settlement Procedures Act (RESPA) and the Mortgage Disclosure Improvement Act (MDIA), the Truth in Lending Act (TILA) and state and local lending laws. QuestSoft’s offerings evaluate a loan file against a comprehensive list of compliance regulations and standards, the company said. “There have been more major revisions and new regulations in 2009 than any year in recent memory,” said Leonard Ryan, president of QuestSoft in a statement. “Every lender is under regulatory pressure, but each lender also has distinct needs, depending on institution type, for automation and reporting,” he added. Write to Austin Kilgore.