In advance of the new requirements added to the Real Estate Settlement Procedures Act (RESPA) that take effect January 1, 2010, the Minneapolis-based Wolters Kluwer Financial Services launched its RESPA Tool Kit to help financial institutions understand and implement the changes. The software provides an overview of the Department of Housing and Urban Development‘s (HUD) changes, including revisions to the good faith estimate and HUD-1 and HUD-1A documents, as well as settlement cost booklets intended clarify loan terms to consumers. Wolters Kluwer said the software also helps companies streamline their RESPA policy development with sample policies that can be edited to meet a company’s needs as well as provide employee training on the new requirements. “Utilizing the complete RESPA Tool Kit provides financial institutions with the essential resources needed to help prepare for the upcoming changes,” says Jason Marx, vice president and general manager, Mortgage, Wolters Kluwer Financial Services. “And every tool in the kit is built upon our decades of risk management experience and expertise,” he adds. Write to Austin Kilgore. Jason Marx is writing an exclusive feature on the practice of outsourcing loan modifications for the October issue of HousingWire magazine. Get your copy here.
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