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Regulatory compliance has become a major issue in the mortgage industry. And to help lenders stay ahead of[IMAGE]
pending state and regulatory changes, ""Wolters Kluwer Financial Services"":http://www.bankerssystems.com/, a Minneapolis-based provider of compliance, content, and technology solutions and services for the mortgage industry, has added new functionality to its StateLink tool, a Web-based compliance knowledge base.
StateLink, which provides actionable information on enacted and pending legislation, will now offer lenders additional clarity about legislative changes before they take effect. The tool monitors regulatory requirements surrounding first mortgages and closed-end second mortgages, such as those tied to disclosures, fees, and
[COLUMN_BREAK]recordation. In addition, it offers continuously-updated information for all 51 U.S. jurisdictions and now provides text highlights to emphasize regulatory revisions.
Mortgage lenders receive e-mail alerts from StateLink about upcoming rule changes in the states where they do business. Wolters Kluwer Financial Services said this can help lenders adjust their compliance policies and procedures before new requirements take effect.
In addition, the company said StateLink enables lenders to see how regulatory changes will affect their mortgage documents. The Web-based tool provides links to sample versions of Wolters Kluwer Financial Services' electronic VMP Mortgage Solutions documents to illustrate the changes that will be made. Built upon more than 40 years of industry experience and expertise, VMP Mortgage Solutions forms are regularly updated to reflect regulatory revisions.
""Financial institutions are working to address increasingly-complex and rapidly-changing regulatory challenges with far fewer resources and shorter turn times than in the past,"" said Jason Marx, VP and GM for the mortgage division of Wolters Kluwer Financial Services. ""As a comprehensive electronic resource on current and pending legislation, StateLink helps lenders plan for and meet regulatory requirements and manage their compliance research more effectively.""
