Wolters Kluwer to Test Mortgages for Reg C Requirements
Beginning in August, Wolters Kluwer Financial Services will use several of its technology solutions to test mortgages against the Federal Reserve's new higher-priced mortgage thresholds that will take effect October 1. The Federal Reserve's revisions to Regulation C were designed to reduce the regulatory burden on mortgage lenders, according to Wolters Kluwer. The revisions aimed to synchronize Regulation C's higher-priced mortgage thresholds with the Truth in Lending Act's and help improve the accuracy and usefulness of Home Mortgage Disclosure Act (HMDA) loan data, the firm said. “Compliance with the Federal Reserve Board’s new Regulation C changes should be at the top of every lender’s mind right now,” said Kurt Sames, vice president and general manager of consumer compliance at Wolters Kluwer Financial Services. “By laying the ground work now to meet the requirements that take effect in just two months, they can be sure they’ll be prepared for the regulators’ next visit.” The two technology offerings involved in the mortgage testing, CRA Wiz and Wiz Basic, aid in determining loan compliance with the Community Reinvestment act and HMDA either in real-time at the point of sale or in batches for post-closing audits. Write to Diana Golobay.