Source: Wolters Kluwer
Wolters Kluwer Financial Services has launched a new online resource center designed to help lenders better prepare for the release of the Home Mortgage Disclosure Act final rule that is anticipated late-summer 2015.
With these changes being widely characterized as the most significant modifications to the HMDA regulations in 35 years, the final rule is expected to present additional compliance challenges for lenders.
The HMDA Resource Center provides lenders with useful tools for further understanding the HMDA regulations, as well as resources to keep them current with new information as it emerges. The website also offers access to the solutions and compliance services that lenders will need to help manage the wide array of challenges presented by the HMDA requirements.
More specifically, the HMDA Resource Center includes:
HMDA Readiness Project Plans - Downloadable planning worksheets will help lenders evaluate the impact of the new HMDA regulations on every part of their organization to identify strengths, gaps and weaknesses;
HMDA Plan Implementation Sequence - An organized map of steps to follow and questions to answer will help optimize lenders’ implementation approach;
Solutions and Consulting Services - Collateral and videos highlight how Wolters Kluwer Financial Services products and services can support organizations with their HMDA reporting;
News and Articles - Latest industry updates about the HMDA regulations.
“A critical component to understanding the scope and complexity of the new rule is having access to information,” said Tim Burniston, executive vice president, Risk & Compliance Consulting Practice, Wolters Kluwer Financial Services. “Lenders need a trusted source to turn to, and the tools available in our HMDA Resource Center will help them not only determine the potential impacts to their business, but provide industry best practices for addressing these significant regulatory changes more effectively.”