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Lenders comply quickly, easily with new Federal Reserve regulations
LAGUNA HILLS, CALIF., Aug. 27, 2008 - QuestSoft , a leading provider of compliance software and services for lenders, announced it now offers automated income tax return analysis and tax verification services through its Cipher1 Tax Suite.
Cipher1 simplifies and improves the accuracy rate for the time-consuming task of determining an applicant’s ability to repay debt or lease obligations. Included in this new offering are two distinct yet integrated products – Cipher1 Qualifying Income Analyzer and Cipher1 4506T Services.
“Proposed government regulations now require lenders to be responsible for making a determination on the suitability of a loan to a borrower, and this software enables them to maintain that compliance without adding additional resources,” said Leonard Ryan, founder and president of QuestSoft. “The Cipher1 Income Analyzer tool enables any member of the lending team to make a quick and accurate determination on a borrower to repay the loan.”
The Cipher1 Qualifying Income Analyzer gives users a preliminary snapshot of a borrower’s qualifying income, while enabling underwriters to make manual adjustments to accommodate specific investor guidelines. The result is an accurate portrayal of the borrower’s financial status, whether consumer or commercial, which is absolutely critical in today’s underwriting atmosphere. The income analyzer addresses all types of Federal National Mortgage Association (Fannie Mae), Federal Home Loan Mortgage Corporation (Freddie Mac) and Federal Housing Administration (FHA) loans.
The Cipher1 Tax Suite also features 4506-T services, which verify the accuracy and legitimacy of submitted income tax returns. This tool enables lenders to better detect fraud during underwriting, by verifying that all tax forms are complete and accurate. In addition to verifying entries on the borrower-supplied tax return, these services also uncover inconsistencies in Social Security numbers, employer identification numbers, taxpayer identification numbers and addresses.
“The mortgage industry is facing unprecedented challenges,” said Ryan. “The release of Cipher1 Tax Suite in addition to QuestSoft’s already strong line of compliance software positions the company and its customers well to weather troubled times and ensure compliance with affordable, easy-to-use and comprehensive technology.”
About QuestSoft
Laguna Hills, Calif.-based QuestSoft is an established provider of comprehensive and automated compliance software and services to the mortgage, banking and credit union industries. The company’s products enable more than 1,500 banks, credit unions and mortgage companies to simplify the collection, analysis, compilation and reporting of key lending regulatory report data.
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