Wolters Kluwer Financial Services, a leading provider of risk management and compliance solutions to the financial services industry, helps mortgage lenders and servicers manage today’s compliance challenges, including TILA-RESPA Integrated Disclosures, through a combination of software, expertise and services. The company’s compliant document solutions go beyond traditional document fulfillment by providing servicers with electronic and dynamic forms that are updated regularly by Wolters Kluwer Financial Services to continually meet evolving federal and state regulations.
“By choosing Wolters Kluwer’s compliant document solutions, servicers are able to make confident servicing decisions to grow their business safely and profitably,” said Tone’ Gibson-Gipson, product manager for residential servicing. “We not only provide content but we perform the necessary due diligence to ensure our content is compliant and provide a warranty for added protection, which takes the burden off of servicers.”
The attorneys and compliance professionals at Wolters Kluwer track and monitor regulations at the federal and state level to determine the impact to its standard content. Regulatory changes that require content to be updated are made by Wolters Kluwer to provide clients the latest version of the affected document.
“Our in-house compliance expertise guarantees that servicers will get the best quality across products and jurisdictions,” Gibson-Gipson said.
Wolters Kluwer’s compliant document solutions enable it to generate, print, fulfill and deliver compliant dynamic content. By using dynamic content, Wolters Kluwer can assist in reducing the number of “customized” documents historically used by servicers to meet state-specific regulatory guidelines.
That’s especially important for servicers who do business in multiple states and who are tasked with tracking, monitoring and updating various templates to meet state-specific regulatory requirements.
“Our document solutions allow for the auto selection of the appropriate language required for each state, so there’s no need to manage multiple variations of a single form for each state,” Gibson-Gipson said. “For those mortgage servicers who have a large footprint, they can rest assured that not only is the content compliant with federal regulations but with state-specific regulations as well.”
And by using Wolters Kluwer’s compliant document solutions, servicers can eliminate the inherent risk of leveraging manual processes commonly used to manage content and gain the benefit of a one-stop shop. The recent scrutiny of third-party service providers by the CFPB and other regulators only underscores how servicers benefit by partnering with a company like Wolters Kluwer.
“When you think about the risk associated with managing multiple vendors versus having a partnership with just one, that’s a cost and time savings for mortgage servicers, ” Gibson-Gipson said. “We strive to ensure our solutions are properly aligned with CFPB requirements, putting us in the best position to meet the needs of mortgage servicers.”
Wolters Kluwer, which has received more than 20 recent global awards, including seven recognitions by Chartis Research and a top 40 ranking in both the FinTech Forward and FinTech 100, sees plenty of room for expansion in the mortgage servicing industry.
“We see our biggest opportunity in partnering with servicers who have expressed a need for document solutions that utilize compliance expertise and software automation to reduce risk and meet the servicers’ business needs,” Gibson-Gipson said. “We don’t just look at those opportunities as customer engagements — we are committed to forging long-term partnerships.”
Tone’ Gibson-Gipson, Product Manager, Residential Servicing
Tone’ Gibson-Gipson draws upon almost three decades of front-line regulatory compliance experience to assist financial institutions develop and implement compliance and training solutions. Gibson-Gipson’s experience includes bank regulatory compliance, consumer lending, loan document management, mortgage lending and residential servicing. She has more than 20 years of management and leadership experience within the financial arena, including serving as a former president and CEO of a federally chartered credit union. She is a member of the American Bankers Association and the Minnesota Bankers Association.
Chris Zimmerman, Product Manager, Compliance Management Services
Chris Zimmerman has worked with some of the largest lenders and servicers in the U.S. for more than a decade. His expertise includes foreclosure processing and timeline management, contested and litigated case resolution, FHA/VA/GSE servicing, vendor management, and risk and control assessment. Zimmerman previously served as default servicing principal at Wolters Kluwer, vice president of Bank United and assistant vice president of Aurora Loan Services.