Wolters Kluwer Financial Services has released a new tool to help lenders navigate updated reporting requirements on mortgage loans announced by the Consumer Financial Protection Bureau
Under the new guidelines, lenders will have to specify data points such as property value, loan terms and applicants' debt-to-income ratio to satisfy the Home Mortgage Disclosure Act.
Wolters Kluwer's HMDA Readiness Protection Plan, released Oct. 16, is an informational portal for financial institutions preparing to adapt to the new rules, which will take effect in January 2018.
Lenders should be aware that complying with the new reporting requirements will take "significant technology, operational, staffing and regulatory change management challenges for lenders," said Wolters Kluwer Executive Vice President Timothy Burniston in a press release.
He added that the Minneapolis-based document management technology company plans to "work closely with lenders to help them understand the scope of these changes and possible implications for their businesses" and provide planning advice.
