Wolters Kluwer Financial Services added fair lending compliance consulting to its loss mitigation services. The new service comes in response to recent Treasury Department directives emphasizing lender and servicer compliance with fair lending requirements when modifying loans through the Making Home Affordable Modification Program (HAMP), the Minneapolis-based mortgage software developer and mortgage services said. The company’s compliance consultants will evaluate on site servicers’ loan modification policies and procedures, review a sample of loan modifications and create statistical analyses to identify potential illegal or unfair lending practices. “While modifying loans at risk of default as quickly as possible is paramount for servicers and their borrowers, so is making sure everyone is treated fairly and equally in the process,” said Don Morrow, Wolters Kluwer Financial Services senior consultant and statistician. “Regulators have put forth notice they’ll intensify their scrutiny of servicers’ fair lending compliance.” Write to Austin Kilgore.
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