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New Self-Service Tools Explain Variations in New Loan Estimate and Closing Disclosure by Loan Type

Wolters Kluwer Financial Services announced today it has introduced three self-service tools to help lenders gain a better understanding of the overall compliance requirements and variations in the TILA-RESPA Integrated Disclosure (TRID) documents. The tools will assist lenders in teaching their employees, from retail and operations to training and compliance, about the variations in the new Loan Estimate and Closing Disclosure documents to support consumer education.

The new self-service tools include the Variations Guide, Loan Matrix and Job Aids tools:

  • Variations Guide contains three core sections for managing variations in the Loan Estimate and Closing Disclosure: 1) An easy-to-use table showing how sections, tables and labels may vary by transaction; 2) A section-by-section analysis explaining how and when each variation occurs and the impact on the labels, fields, tables and columns; and 3) A detailed matrix for lenders to track the variability in all of their products in a single place.
  • Loan Matrix enables lenders to conduct transactional testing and improve quality control to help ensure documents are compliant and contain the correct information. Its visual display of various loan options allows post-closing or audit teams to better understand how different lending scenarios change content fields in the Loan Estimate and Closing Disclosure.
  • Job Aids provide the resources for lenders to educate their staff on the TRID regulatory changes that affect the process of delivering the Loan Estimate and Closing Disclosure documents. It uses plain language and illustrations to explain the regulation, including timing and delivery requirements, so lenders can clearly speak about the new disclosure documents to customers.    

“Compared to the forms lenders use today, the new TRID disclosure documents present a number of variations that will make each transaction unique,” said Art Tyszka, senior director and general manager, Residential Lending, Wolters Kluwer Financial Services. “There is going to be a steep learning curve as lenders adjust to using the new Loan Estimate and Closing Disclosure documents, and these tools can remove some of the complexity from the process to help lenders confidently explain the documents to their customers.”

The self-service tools are organized in a package, but the Variations Guide with the Loan Matrix and the Job Aids are available separately based on lenders’ needs. To ensure the Variations Guide and Job Aids reflect the latest guidance and interpretations of the TRID regulation, they will be updated through Dec. 31, 2015. Customers purchasing these tools will receive updated versions at no additional cost.     

A video presentation with more information on the tools is available at the TILA RESPA Resource Center.

About Wolters Kluwer Financial Services

Wolters Kluwer Financial Services provides customers worldwide with risk management, compliance, finance and audit solutions that help them successfully navigate regulatory complexity, optimize risk and financial performance, and manage data to support critical decisions. With more than 30 offices in 20 countries, our prominent  brands include:  AppOne®, AuthenticWeb™, Bankers Systems®,  Capital Changes, CASH Suite™, GainsKeeper®, NILS®, OneSumX®, TeamMate®, Uniform Forms™, VMP® Mortgage Solutions and Wiz®. Wolters Kluwer Financial Services is part of  Wolters Kluwer, which had 2014 annual revenues of €3.7 billion ($4.9 billion), employs 19,000 employees worldwide, and maintains operations in over 170 countries across Europe, North America, Asia Pacific, and Latin America. Wolters Kluwer is headquartered in Alphen aan den Rijn, the Netherlands. Its shares are quoted on Euronext Amsterdam (WKL) and are included in the AEX and Euronext 100 indices.