Online Resource for RESPA Compliance
Months ahead of the US Department of Housing and Urban Development's new regulatory requirements that will force lenders to provide revised good faith estimates (GFEs) and other disclosure documents to create more transparency at the closing table, industry professionals are getting compliant. The revisions to HUD's Real Estate Settlement and Procedures Act (RESPA) face industry criticism that forced disclosure of closing costs removes competitive forces for parties like mortgage brokers. But supporters of the transparency efforts say the revisions will help borrowers better understand all the costs involved with obtaining a mortgage. For better or worse, the industry faces considerable changes in around six months and service and technology providers are working ahead of the deadline to help lenders achieve compliance. Compliance technology provider Wolters Kluwer Financial Services today launched its new RESPA resource Web site, which provides lenders with updated information on the rule changes as well as related laws that might affect the way they conduct business. The site aims to provide the information necessary for lenders to meet HUD's mandatory Jan 1, 2010 compliance deadline. "Wolters Kluwer Financial Services has a strong track record of helping financial institutions rapidly and efficiently comply with regulatory change," said Jason Marx, an executive at the company's mortgage branch, in a media statement. Write to Diana Golobay.