Wolters Kluwer Financial Services will launch a suite of training tools to help lenders comply with the Consumer Financial Protection Bureau's new integrated mortgage disclosures.
The Minneapolis-based document preparation and risk management technology business developed a toolkit that includes recorded trainings, job aids, gap analysis and project management templates and is designed to help lenders update their processes, policies and technology, as well as get employees prepared ahead of the
The toolkit resources will be updated with industry changes that occur over the next year, Wolters Kluwer said in a Wednesday press release.
The 1,888-page final
The new rule applies to mostly closed-end consumer mortgages. It does not pertain to home equity lines of credit, reverse mortgages, mortgages secured by mobile homes, or creditors that make five or fewer mortgages a year, according to Ballard Spahr.
"Our customers have a need for more information and clarity around these regulations, so our compliance experts have developed these tools to provide meaningful guidance, help them prepare and limit the disruption to their business," said Art Tyszka, senior director and general manager of residential lending at Wolters Kluwer Financial Services, in the news release.
The toolkit will be available as a series of downloads starting in September, Wolters Kluwer said.
"We believe these tools are an important resource to help lighten the compliance burden for lenders, so they have a sound understanding of the impacts to their business and can prepare to meet the requirements," added Kris Stewart, senior manager of professional services at Wolters Kluwer Financial Services.