Wolters Kluwer Introduces Disclosure Manager For New Reg Z Rules

Posted by Orb Staff on May 28, 2009 No Comments
Categories : Residential Mortgage

s Kluwer Financial Services has released its Disclosure Manager solution, which automates the early-disclosure process required under the Federal Reserve Board's Regulation Z (i.e., Truth in Lending Act). On May 8, the Fed board finalized its early disclosure rules within Regulation Z that are meant to ensure consumers receive disclosures explaining the cost of a mortgage earlier in the lending process. The effective date of the new requirements is July 30. Disclosure Manager's document-preparation platform interfaces with an institution's existing loan origination system to capture the required disclosure data, the company explains. Next, the solution draws upon its content-management engine to build compliant document packages that will meet the new Regulation Z requirements as of July 30. Lastly, the tool sends disclosures to borrowers, giving them the option to e-consent or e-sign the disclosure. If a borrower opts out of electronic delivery or if the institution determines that printed initial disclosure packages are necessary, Disclosure Manager securely and electronically delivers the document package to Wolters Kluwer Financial Services' print and mail fulfillment center. "By removing paper from the process, [lenders] save time and eliminate printing, postage and overnight delivery fees," says Jason Marx, vice president and general manager of the company's mortgage product division. The tool's e-delivery functionality also provides institutions with a verifiable audit trail, he adds. SOURCE: Wolters Kluwer Financial S

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