Wolters Kluwer Financial Services has upgraded its StateLink tool, with new functionality to help mortgage lenders prepare to comply with pending state and federal regulatory changes.
StateLink, which provides actionable information on enacted and pending legislation, will now offer lenders additional clarity about legislative changes before they take effect.
A web-based StateLink monitors regulatory requirements surrounding first mortgages and closed-end second mortgages, such as those tied to disclosures, fees and recordation. It offers continuously updated information for all 51 US jurisdictions and now also provides text highlights to emphasize upcoming regulatory revisions. StateLink reported 53 regulatory updates in 28 states through March.
Mortgage lenders receive e-mail alerts from StateLink about upcoming rule changes in the states where they do business. This can help them adjust their compliance policies and procedures before new requirements take effect.
In addition, StateLink enables lenders to see how regulatory changes will affect their mortgage documents. StateLink provides links to sample versions of Wolters Kluwer Financial Services’ electronic VMP mortgage solutions documents to illustrate the changes that will be made. VMP mortgage solutions forms are regularly updated to reflect regulatory revisions.
Jason Marx, vice president and general manager for mortgage at Wolters Kluwer Financial Services, said: “Financial institutions are working to address increasingly complex and rapidly changing regulatory challenges with far fewer resources and shorter turn times than in the past. As a comprehensive electronic resource on current and pending legislation, StateLink helps lenders plan for and meet regulatory requirements and manage their compliance research more effectively.”