Automated mortgage compliance software provider QuestSoft is updating all of its software to reflect new metropolitan statistical area (MSA) realignment changes that impact compliance in 2014.
QuestSoft says it and its consulting partner, GeoDataVision, mapped and studied changes regarding MSAs. According to QuestSoft, the analysis details eliminated and expanded MSAs, which become effective Jan. 1 and will impact demographics affecting Community Reinvestment Act and fair lending programs.
‘Not only will many census tract income classifications be affected, but many banks that are not Home Mortgage Disclosure Act (HMDA) reporters may find themselves in a MSA that did not exist before or was expanded to include counties that now fall under HMDA coverage,’ says Leonard Ryan, president of QuestSoft, in a release. ‘QuestSoft's software adheres to the realigned MSAs, ensuring compliance and smoothing an unforeseen transition.’
