Web-Based HMDA Compliance Solution Introduced by Wolters Kluwer

""Wolters Kluwer Financial Services"":http://www.wolterskluwerfs.com/index.html, a Minneapolis-based provider of compliance, content, and technology solutions[IMAGE]

and services to financial organizations, announced Thursday that its HMDA _Wiz_ software is now available in a software as a service (SaaS) format.

According to the company, more than 70 percent of Home Mortgage Disclosure Act (HMDA) loans submitted to regulators are processed through its HMDA _Wiz_ solution. And now that this software is available as a SaaS or ""cloud computing"" solution, institutions can begin using it to collect, report on, analyze, and submit HMDA data to their regulator almost immediately, Wolters Kluwer Financial Services said.

The company said it updates HMDA _Wiz_ as regulatory, geocoding, and rate spread changes occur, helping institutions ensure their HMDA data is accurate and compliant at all times. In addition, Wolters Kluwer Financial Services said the solution provides institutions with instant access to national geocoding, which means HMDA _Wiz_ can grow with these institutions as they expand their lending footprints into new states and regions.

HMDA _Wiz_ also provides institutions with enterprise-wide access to the solution on any operating system, allowing all departments within the institution to take part in controlling HMDA data quality, Wolters Kluwer Financial Services explained. As part of this enterprise-wide access, the company said HMDA _Wiz_ can capture transactional data from within Wolters Kluwer Financial Services' documentation software solutions to help ensure HMDA data from all channels is centrally managed and accurate.

""Recent enforcement actions and fines by regulators, one totaling well over $1 million dollars, reinforce the need for financial institutions to more effectively manage and submit accurate, compliant HMDA data on-time,"" said Heather Czermak, chief product manager for Wolters Kluwer Financial Services' consumer compliance business line. ""Making our HMDA _Wiz_ solution available in a Web-based format allows a larger number of institutions to make HMDA compliance easier and more affordable.""