Wolters Kluwer Financial Services has announced that is offering a new RESPA tool kit for the banks, credit unions and mortgage lenders that helps them to meet the new requirements under the Real Estate Settlement Procedures Act (RESPA) which take effect on January 1, 2010.
The company has said that the tool offers financial institutions an overview of the Department of Housing and Urban Development’s (HUD’s) changes. These include revisions to the Good Faith Estimate (GFE) and HUD-1 and HUD-1A documents, as well as settlement cost booklets intended to more clearly explain loan terms to borrowers.
Jason Marx, vice president and general manager, mortgage, Wolters Kluwer Financial Services, said: “Utilizing the complete RESPA Tool Kit provides financial institutions with the essential resources needed to help prepare for the upcoming changes.”
Wolters Kluwer Financial Services is a provider of compliance, content, and technology solutions and services to financial organizations.
