Wolters Kluwer Financial Services (WKFS) recently introduced a new line of services to help manage compliance and operational risks for financial services companies. Included in the offering are reverse mortgage lending solutions that assist institutions in obtaining the required licensing and training for their staff on the unique characteristics of the reverse mortgage business.
As the banking and financial industry continue to grow more complex, companies are finding they have neither the time nor sufficient in-house resources to stay on top of the latest requirements and guidelines so they turn to companies like WKFS. The company’s experts can be deployed on-site at institutions to help them build and strengthen their risk management programs, educate their employees and show them how to utilize technology to help make compliance easier and more cost-effective.
"No other provider in the financial services marketplace has more in-house compliance experts or the level of regulatory expertise than Wolters Kluwer Financial Services," said Brian Longe, president and chief executive officer of Wolters Kluwer Financial Services. "Our consultants, attorneys and analysts live and breathe financial services compliance, and unlike most other firms, our experts won’t just identify problems, they’ll actually help an institution solve them."
The expanded offering includes:
— Reverse mortgage lending services that assist institutions in obtaining the required licensure and training for their staff on the unique characteristics of this type of lending;
— Mergers and acquisition services that can help institutions perform due diligence on the acquired institution’s compliance program, to better understand the impact of documents, compliance processes, compliance risk management and compliance integration strategies;
— Compliance program process and procedure reviews and related transactional testing services that address federal laws, including those associated with consumer compliance such as the Home Mortgage Disclosure and Community Reinvestment Acts and financial crimes such as the Bank Secrecy Act and the Fair and Accurate Credit Transactions Act’s new Red Flag Rules.
— Government Lending Services that can help institutions quickly enter Federal Housing Administration (FHA) and Veterans Administration (VA) loan markets with license support, provide them with warranted compliance documents and effectively train their staff;
WKFS isn’t totally new to the reverse mortgage business, last year they released a line of electronic documents they can use to help comply with regulatory requirements tied to Home Equity Conversion Mortgages (HECMs)
