Implementing the changes required by the RESPA final ruling can be challenging and time-consuming. We offer various compliance solutions to help you alleviate your compliance burden and streamline your workflow.
Print Forms and Documents
Our printed forms have been updated to comply with the latest RESPA requirements. Lenders are required to use the new Good Faith Estimate (GFE), revised HUD-1/HUD-1A Settlement Statements, and revised Settlement Cost Booklet by January 1, 2010. The Servicing Disclosure Statement was delivered in 2008 to meet the effective use date of January 16, 2009.
- Good Faith Estimate—provided at the time of application to borrowers to outline the loan terms and total settlement costs.
- HUD-1/HUD-1A Settlement Statements—to inform borrowers of final costs at settlement.
- Servicing Disclosure Statement—to inform the borrower whether another financial institution may be servicing their loan.
- Settlement Cost Booklet—provided at the time of application to inform the borrower of fees involved in home purchase settlement. (The revised Settlement Cost Booklet has not yet been released by HUD. An update will be provided to customers as soon as more information becomes available.)
Electronic Forms and Documents
Wolters Kluwer Financial Services offers compliant, industry-leading standard forms and documents in a variety of electronic formats to give you the benefit of digital processing and improved speed to market with compliant document content. To help you meet the requirements of RESPA final ruling, we are developing electronic versions of the required documents.
Workflow Solutions
Regulatory changes and risk management imperatives are driving the need for compliance to be built into work processes to help you lower costs and improve your operating efficiency. By leveraging our technology and documentation expertise, we are able to offer you solutions that specifically address your workflow needs.
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Document Services offers a total automated workflow solution with customizable doc prep and built-in compliance that automates your entire loan process from start to finish. Its robust content management and rules engine along with embedded, up-to-date VMP Mortgage Solutions content ensure the correct documentation is assembled based on regulatory, jurisdictional, and lender requirements.
With Document Services, you can automate document preparation and delivery of initial disclosures, closing packages, loan modifications, standard construction loans, home equity lines of credit, and reverse mortgages.
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Shave days off the time it takes your staff to prepare and deliver initial disclosures using traditional manual processes, while meeting RESPA regulatory requirements more efficiently. Our Disclosure Manager solution automates your workflow from document creation to secure electronic delivery of documents to borrowers for e-consent and e-signature.
When a borrower doesn’t access the e-disclosure within the specified time frame or opts out of electronic process, the documentation is automatically sent to our secure print and mail fulfillment center for processing. Proof of mailing is returned to you for RESPA compliance and reporting purposes.
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SDX is a collaborative, two-way secure messaging and electronic document delivery solution designed to help you speed up document delivery and response time from your clients. Borrowers can immediately e-consent or e-sign so you’ll meet regulatory requirements in less time. Its robust reporting capabilities allow you to monitor transactions and provide a verifiable audit trail as proof that RESPA compliance requirements were met.
SDX was designed specifically for the financial industry to address legislative requirements, such as the Gramm-Leach-Bliley Act, Sarbanes-Oxley (SOX), and Real Estate Settlement Procedures Act (RESPA) and employs industry-leading security.
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