QuestSoft Corporation, a provider of automated mortgage compliance software, has launched a fair lending module inside Compliance RELIEF, the company’s regulatory reporting and analysis platform. The new Fair Lending RELIEF module enables lenders to actively monitor HMDA lending performance to identify areas of higher risk.
Fair Lending RELIEF provides an integrated fair lending performance analysis and monitoring tool to assist in identifying potential matched pairs, underwriting and pricing disparities, as well as levels of assistance, steering, and redlining risks. Performance analysis includes the ability to interactively review the individual loan records behind the result.
"Fair lending risk management obviously isn’t a new concept," said Loretta Kirkwood, vice president of compliance at QuestSoft. "Lenders need help identifying, managing, and limiting performance risk. We created Fair Lending RELIEF to use the lender's existing HMDA data to simplify that process."
Leonard Ryan, founder and President of QuestSoft added: "What lenders need is insight into how regulators will view their performance – before their next examination. Fair Lending RELIEF provides the tools needed to self-identify and correct potential fair lending risk."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 peer data for a complete mortgage compliance solution.