RiskTech Forum

Wolters Kluwer Financial Services Compliance Experts Introduce New Tools To Meet TILA-RESPA Implementation Challenges

Posted: 10 July 2014  |  Source: Wolters Kluwer

Wolters Kluwer Financial Services today announced the release of a tool kit designed to help lenders understand, manage and implement the new Truth in Lending Act and Real Estate Settlement Procedures Act requirements, which go into effect on August 1, 2015. At 1,888 pages long, TILA-RESPA has broad implications for lenders' business processes, technology, policies and procedures, employee readiness and customer service.

The  is comprised of recorded trainings, job aids, gap analysis and project management templates. Unlike standard educational webinars and training presentations available in the industry, all of the tool kit resources will be monitored and updated with industry changes through the regulation effective date. Pre-orders are now being accepted for the tool kit, which will be available as a series of downloads from Wolters Kluwer Financial Services' TILA-RESPA Resource Center beginning in September. 

"Lenders need a trusted source of information that is updated with industry changes on an ongoing basis," said Kris Stewart, senior manager of Professional Services at Wolters Kluwer Financial Services. "We believe these tools are an important resource to help lighten the compliance burden for lenders, so they have a sound understanding of the impacts to their business and can prepare to meet the requirements."

"Implementation requirements for TILA-RESPA go beyond the scope of anything we have seen in the industry to date," said Art Tyszka, senior director and general manager of Residential Lending at Wolters Kluwer Financial Services. "Our customers have a need for more information and clarity around these regulations, so our compliance experts have developed these tools to provide meaningful guidance, help them prepare and limit the disruption to their business."