Fully Automated, Early Disclosure Solution Unveiled
Wolters Kluwer Financial Services' new Disclosure Manager Solution will enable institutions to comply with the new Truth-in-Lending Act (Regulation Z) through a single, secure, electronic system, the company said today. On May 8, the Federal Reserve Board finalized its early disclosure rules within Regulation Z, which are meant to ensure consumers receive disclosures explaining the cost of a mortgage earlier in the lending process. Wolters Kluwer says its system offers the first complete solution for automating the entire early disclosure process. "By removing paper from the process, they save time and eliminate printing, postage and overnight delivery fees," says Jason Marx, vice president. "They can also dramatically reduce the amount of time that sales executives spend on the disclosure process..." Disclosure Manager's document preparation platform operates by interfacing with an institution's existing loan origination system to capture the required disclosure data. The solution then draws upon its content management engine to build compliant document packages that will meet the new Regulation Z requirements as of July 30 -- the effective date of the new regulation. Disclosure Manager securely and electronically sends disclosures to borrowers in minutes, giving them the option to e-consent or e-sign the disclosure. "This speeds up the time to closing and locks borrowers in more quickly," the company said in a press statement. Write to Kelly Curran.