Wolters Kluwer Financial Services Helps Financial Institutions Overcome Toughest RESPA Challenges
Company’s New Audit RESPA Service Helps Institutions Tackle Fee Tolerance, GFE and Third Party Requirements Effectively and Efficiently
MINNEAPOLIS – March 25, 2010 –Wolters Kluwer Financial Services announced today the launch of its new RESPA Post-Implementation Audit Service. Through the service, the company’s compliance and risk management professionals can help banks and credit unions effectively and efficiently comply with recent changes to the Real Estate Settlement Procedures Act (RESPA).
Since the RESPA revisions took effect on Jan. 1, financial institutions have identified several common challenges in complying with them. These include meeting the new fee tolerance and Good Faith Estimate (GFE) re-disclosure requirements, and the responsibility to make sure third parties they do business with, such as mortgage brokers and settlement agents, are also in compliance.
Wolters Kluwer Financial Services’ RESPA Post-Implementation Audit Service helps institutions rapidly put the necessary policies, procedures and documentation in place to overcome the most common and complex challenges. The company’s attorneys, compliance analysts and regulatory consultants use decades of experience and expertise to perform an efficient and thorough review of institutions’ RESPA compliance programs.
The review includes an examination of an institution’s lending, compliance, vendor management, and staff training procedures. It also includes a loan file review that looks at GFEs and HUD-1 and HUD-1A forms for accuracy and adherence to all RESPA requirements. Wolters Kluwer Financial Services’ compliance and risk management experts then offer a comprehensive diagnosis of each institution’s RESPA compliance program, highlighting any areas of potential concern. And they suggest practical ways in which policies, procedures and documentation can be enhanced from compliance and operational standpoints.
“The effective compliance date for RESPA passed several months ago but financial institutions are still tackling related obstacles,” said Jason Marx, vice president and general manager, Mortgage, for Wolters Kluwer Financial Services. “Now is a perfect time to evaluate their compliance programs and ensure they are meeting the requirements through the easiest, most cost-effective routes possible.”
About Wolters Kluwer Financial Services
Wolters Kluwer Financial Services provides best-in-class compliance, content, and technology solutions and services that help financial organizations manage risk and improve efficiency and effectiveness across their enterprise. The organization’s prominent brands include Bankers Systems, VMP® Mortgage Solutions, PCi, AppOne®, GainsKeeper®, Capital Changes, NILS, AuthenticWeb™ and Uniform Forms™. Wolters Kluwer Financial Services is part of Wolters Kluwer, a market-leading global information services company focused on professionals with annual revenues (2009) of €3.4 billion ($4.8 billion), approximately 19,300 employees worldwide and operations in over 40 countries across Europe, North America, Asia Pacific, and Latin America. Visit our website, YouTube or follow @Wolters_Kluwer on Twitter for more information about our market positions, customers, brands, and organization.