Wolters Kluwer Preps Customers for New RESPA/TILA Rules
Wolters Kluwer Financial Services (WKFS) has announced that it is prepared to help mortgage lenders meet the combined Truth-in-Lending Act (TILA) and Real Estate Settlement Procedures Act (RESPA) integrated disclosure requirements, which go into effect industrywide on Aug. 1, 2015.
WKFS is now offering live demos of its compliance and business workflow solutions which will help ensure ongoing, up-to-the-last minute compliance with TILA-RESPA requirements. Wolters Kluwer Financial Services offers leading technology, from dynamic, cloud-hosted solutions (SaaS) to content engines that can be embedded within existing software solutions to help financial institutions of all sizes meet the new regulatory requirements. The company’s consulting and professional services are designed to further close the gap and provide the comprehensive approach organizations need, given the heavy internal operational burden imposed by the TILA-RESPA changes.
Regulatory experts with the company have identified over 400 changes stemming from the TILA-RESPA requirements that fundamentally impact core banking documents, processes, policies and procedures. Lending institutions will be critically dependent on their software providers to deliver guidance on implementation and technology that affords them seamless compliance and softens this regulatory burden.
“We are working with institutions of all sizes, from small community banks to global financial organizations, in delivering total end-to-end solutions that will ensure business continuation through these disruptive changes, ” said Lisa Fraga, vice president and general manager of Banking Solutions at Wolters Kluwer Financial Services. “At this point, lenders should expect to see a working demonstration of their software providers’ capabilities in order to be on track to have processes and systems in place to commence with necessary testing by May 1, 2015.