QuestSoft Corporation, a provider of automated mortgage compliance software, has updated its mortgage compliance platform, Compliance EAGLE, with a new module.
The CRA Saleability module helps lenders identify potential investors based on geographic location – pinpointing CRA-qualified loans in low- and moderate-income (LMI) areas. Additionally, the tool enables banks and lenders to conduct their own analysis on each loan and enhance their CRA compliance.
“With mortgage volumes expected to be flat in 2020, lenders need every advantage possible to maintain profitability while continuing to serve all areas of their local community,” said Leonard Ryan, founder and president of QuestSoft. “The CRA Saleability tool helps lenders identify opportunities in LMI markets while maximizing the return on investment possible in the secondary market. This is just another example of how big data can help lenders become more profitable while simultaneously demonstrating their commitment to the communities they serve.”
Compliance EAGLE provides lenders with address verification, testing for federal, state, and local high-cost rules, as well as full TRID compliance, identification of CRA-qualified loans, and demographic data for finding emerging market opportunities.