Wolters Kluwer Financial Services is offering banks, credit unions and mortgage lenders a toolkit that can help them prepare for the new requirements to the Real Estate Settlement Procedures Act (RESPA) which take effect on Jan. 1, 2010. The company’s RESPA Tool Kit offers financial institutions a comprehensive overview of the Department of Housing and Urban Development’s (HUD’s) changes. These include revisions to the Good Faith Estimate (GFE) and HUD-1 and HUD-1A documents, as well as Settlement Cost booklets intended to more clearly explain loan terms to borrowers.
Wolters Kluwer Financial Services’ RESPA Tool Kit offers institutions what they need to prepare for and meet the new RESPA rules by the Jan. 1 deadline, including:
► Streamlined RESPA policy development through the company’s PRINGLE® Policies & Audit Procedures software, which includes a sample RESPA policy that institutions can tailor to their own specific business requirements;
► Employee training via instructional videos that provide an overview of meeting the requirements as well as specific guidance on how to complete the new GFEs and use the revised settlement statements and cost booklets; and
► Implementation and Documentation Guide containing helpful tips and best practices, including reminders of the effective dates, tools and resource sections with helpful links, and PDFs with detailed instructions for the new documents.
“Utilizing the complete RESPA Tool Kit provides financial institutions with the essential resources needed to help prepare for the upcoming changes,” said Jason Marx, vice president and general manager, mortgage, Wolters Kluwer Financial Services. “And every tool in the kit is built upon our decades of risk management experience and expertise.”
For more information, visit www.WoltersKluwerFS.com/RESPA.