Wolters Kluwer Financial Services has added fair-lending compliance consulting to its loss mitigation services. The company says its teams of consultants can be deployed on-site at servicers' operations, helping them avoid discriminatory lending claims in relation to loan modifications.
Wolters Kluwer's compliance consultants can evaluate a servicer's loan modification policies and procedures to help determine how they can address fair-lending risks more thoroughly and rapidly.
Consultants are also available to review a representative sample of a servicer's completed and denied loan modifications to determine if any disparate treatment of borrowers exists. Additionally, the company says its consultants can conduct a statistical analysis of all completed modifications and denied applications, identifying certain modification criteria that might lead the servicer to violate fair-lending laws.
Wolters Kluwer is also offering financial institutions a free webinar on how to prevent discrimination in the loan modification process and mitigate associated fair-lending risk on Nov. 12.