Financial institutions face a number of regulatory changes in the coming months, some of the most notable of which are revisions to the ""Real Estate Settlement Procedures Act"":http://www.hud.gov/offices/hsg/sfh/res/respa_hm.cfm (RESPA). Under the RESPA changes that take effect on January 1, 2010, HUD will require lenders to use a new Good Faith Estimate (GFE) and revised HUD settlement statement documents when underwriting a mortgage.
According to the Minneapolis-based compliance and risk management company ""Wolters Kluwer Financial Services"":http://www.wolterskluwerfs.com, these changes could present institutions with several operational issues. To help mortgage lenders better understand how to meet the new requirements, Wolters Kluwer Financial Services is conducting a series of live webinars on the topic.
The company explained that its two 60-minute online training sessions - ""RESPA: Preparing the new GFE"":http://www.wolterskluwerfs.com/NewsEvents/Events/InternetTraining/RESPA_Preparing_NEW_Good_Faith_Estimate.html and ""RESPA: Preparing the New HUD-1 or HUD-1A"":http://www.wolterskluwerfs.com/NewsEvents/Events/InternetTraining/RESPA_Preparing_NEW_HUD1_HUD1A.html - will help institutions learn how to prepare and complete the new documents and discuss the potential impact they will have on current lending policies and procedures. Wolters Kluwer Financial Services is offering both webinars on ""multiple dates in April, May and June"":http://www.wolterskluwerfs.com/NewsEvents/Events/InternetTraining/Internet_Training.html.
Jason Marx, VP and general manager of the mortgage division at Wolters Kluwer Financial Services, said, ""This has been and will continue to be a year of tremendous regulatory change for the mortgage lending industry. Wolters Kluwer Financial Services’ compliance-based webinars, designed by our legal and regulatory experts, provide institutions with a comprehensive understanding of this change in a convenient and affordable format.""