Wolters Kluwer Financial Services has launched its new RESPA Post-Implementation Audit Service. Through the service, the company's compliance and risk management professionals can help banks and credit unions comply with recent changes to the Real Estate Settlement Procedures Act (RESPA).
Since the RESPA revisions took effect on Jan. 1, financial institutions have identified several common challenges in complying with them, Wolters Kluwer says. These challenges include meeting the new fee tolerance and Good Faith Estimate (GFE) re-disclosure requirements, and the responsibility to make sure the third parties with which they do business, such as mortgage brokers and settlement agents, are also in compliance.
As part of the new service offering, Wolters Kluwer's team of attorneys, compliance analysts and regulatory consultants will examine an institution's lending, compliance, vendor management and staff training procedures, as well as perform a loan file review that looks at GFEs and HUD-1 and HUD-1A forms for accuracy and adherence to all RESPA requirements.
SOURCE: Wolters Kluwer Financial Services