Press Release

Wolters Kluwer Financial Services Ready to Help Financial Institutions Comply With HOEPA and Regulation Z Changes

Company’s Regulatory Experts Can Be Deployed On-Site to Assist Institutions in Meeting Requirements that Become Effective Oct. 1

MINNEAPOLIS – Apr. 30, 2009 – Wolters Kluwer Financial Services announced today the company can help financial institutions begin preparing to meet the Federal Reserve Board’s (FRB’s) new Regulation Z requirements that take effect on Oct. 1, 2009. The changes will require institutions to comply with several Home Ownership and Equity Protection Act (HOEPA) requirements tied to a new class of mortgages the FRB identifies as “higher-priced.”

“The sooner lenders can prepare themselves for these new requirements the better,” said Kurt Sames, vice president and general manager of Consumer Compliance at Wolters Kluwer Financial Services. “In light of the current financial crisis, they can be certain regulators will intensify their scrutiny of compliance with these changes and other fair and anti-predatory lending requirements. An institution’s business and reputation are on the line if they’re found to be engaged in prohibited lending practices.”

Wolters Kluwer Financial Services’ Compliance Management Services professionals can be deployed on-site at institutions to help them revise policies and establish a systematic process for checking mortgage applications against the FRB’s new higher-priced mortgage threshold. The company’s regulatory experts can then help institutions update loan processing procedures to meet the FRB’s higher-priced mortgage requirements such as verifying a borrower’s ability to pay, limiting prepayment penalties and establishing escrow accounts.

Sames added that Wolters Kluwer Financial Services’ Wiz Sentinel anti-predatory lending software will also begin testing mortgages against the FRB’s new higher-priced mortgage threshold when the Regulation Z revisions go into effect on Oct. 1. He noted the company is already using the software and professional services to help lenders comply with a new Maryland state law that mirrors Regulation Z.

Wolters Kluwer Financial Services’ Wiz Sentinel software belongs to the company’s line of PCi compliance analytics solutions and can help institutions analyze loans to determine potential anti-predatory lending violations either in real-time at the point of sale or in batches for post-closing audits. Wiz Sentinel also interfaces with Wolters Kluwer Financial Services’ ComplianceOne solution, a comprehensive technology platform that gives financial institutions the ability to manage regulatory and operational risk tied to each of their major business lines.

About Wolters Kluwer Financial Services

Wolters Kluwer Financial Services provides best-in-class compliance, content, and technology solutions and services that help financial organizations manage risk and improve efficiency and effectiveness across their enterprise. The organization’s prominent brands include Bankers Systems, VMP® Mortgage Solutions, PCi, AppOne®, GainsKeeper®, Capital Changes, NILS, AuthenticWeb™ and Uniform Forms™. Wolters Kluwer Financial Services is part of Wolters Kluwer, a leading global information services and publishing company with annual revenues of (2008) €3.4 billion ($4.9 billion) and approximately 20,000 employees worldwide. Please visit our Web site for more information.

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