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Wolters Kluwer Offers Lenders Help in Educating Borrowers

""Wolters Kluwer Financial Services"":http://www.WoltersKluwerFS.com, a regulatory compliance and risk management business headquartered in Minneapolis, will begin providing customizable mortgage application and processing kits to lenders.

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The two kits, which are available in English and Spanish, are designed to educate borrowers on the mortgage process, helping them improve their financial literacy.

According to a statement from the company, the kits can also assist lenders in expediting the application process to close more loans, ensuring disclosures are compliant and provided to borrowers as required, and making sure marketing activities are consistent across branches.

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Standard mortgage application kits, which Wolters Kluwer Financial Services will customize to the marketing and branding needs of lenders, provide consumer education materials from how to select a mortgage to closing cost information.

Included is a letter outlining the benefits of working with the lender, a loan application with easy-to-follow instructions, and several consumer education pieces. The kit also includes HUD's Settlement Cost Booklet and the Consumer Handbook on Adjustable Rate Mortgages, so the lender can ensure compliance with federal disclosure requirements.

Once an application is complete, Wolters Kluwer Financial Services will assemble and send a mortgage processing kit to the borrower. It contains the compliance disclosures and additional documents specific to the borrower's loan that are required by federal law to begin processing the mortgage.

""By outsourcing these compliance, fulfillment, and distribution activities to Wolters Kluwer Financial Services, lenders can make their production and origination functions more flexible, adaptable, and nimble while reducing cost and compliance risk,"" said Jason Marx, VP and general manager of the company's mortgage business line.

About Author: Heather Cernoch

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