Wolters Kluwer HMDA Compliance Tool Now In SaaS Format

Posted by Orb Staff on June 11, 2010 No Comments
Categories : Residential Mortgage

s Kluwer Financial Services' HMDA Wiz software is now also available in a software as a service (SaaS) format. The company claims that more than 70% of Home Mortgage Disclosure Act (HMDA) loans submitted to regulators are processed through Wolters Kluwer Financial Services' Wiz solutions. Because HMDA Wiz is now available as an SaaS or ‘cloud computing’ solution, institutions can begin using it to collect, report on, analyze and submit HMDA data to their regulator almost immediately, the company says. Wolters Kluwer Financial Services updates HMDA Wiz as regulatory, geocoding and rate-spread changes occur, and the solution also provides institutions with instant access to national geocoding. "Recent enforcement actions and fines by regulators – one totaling well over $1 million dollars – reinforce the need for financial institutions to more effectively manage and submit accurate, compliant HMDA data on time," says Heather Czermak, chief product manager for Wolters Kluwer Financial Services' consumer compliance business line. "Making our HMDA Wiz solution available in a Web-based format allows a larger number of institutions to make HMDA compliance easier and more affordable." SOURCE: [link=http://www.wolterskluwerfs.com/NewsEvents/PressReleases/press061010.html]Wolters Kluwer Financial Services

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