We use QuestSoft for HMDA and are running into "V500" errors. I have sent an email to QuestSoft but does anyone know what causes this error?

That error in the FFIEC software is "Rate spread is not in valid format or is missing." Is your rate spread field set up according to the following: "Rate spread must be in the NN.NN format, must not = blank, and if NA, left justified."

Just an idea. Usually the software validity errors are the same as the overall HMDA edits.

Here's a link to the edits: HMDA Edits

Thanks. I should have said our issue is only with 300 of 5,000 entries so we think the problem is not the set up of the rate spread field.

HMDA RELIEF automatically recalculates rate spread when the program is passed the APR, Loan Type (fixed, ARM), Lien Position, Loan Term and Rate Lock Date. So the error would exist when the LOS system you are using is passing something to us other than NA or 0 (both converted to NA) AND one of these data fields is missing (usually the rate lock date). So even if the rate spread was missing, it might be auto corrected.

My recommendation is to contact our support department at support@questsoft.com. Because it is only 300 of 5,000, my guess is that it is related to a certain branch or loan program. If it is your LOS system, we will be happy to contact the software company and alert them to the nature of the issue.