Services Ensure HOEPA And Reg. Z Compliance

s Kluwer Financial Services says its Compliance Management Services can help financial institutions begin preparing to meet the Federal Reserve Board's (FRB) new Regulation Z requirements that take effect Oct. 1. The changes will require institutions to comply with several Home Ownership and Equity Protection Act (HOEPA) requirements tied to a new class of mortgages the FRB identifies as ‘higher priced.’ ‘The sooner lenders can prepare themselves for these new requirements, the better," says Kurt Sames, vice president and general manager of Consumer Compliance at Wolters Kluwer Financial Services. "In light of the current financial crisis, they can be certain regulators will intensify their scrutiny of compliance with these changes and other fair and anti-predatory lending requirements." Wolters Kluwer Financial Services' Compliance Management Services professionals can be deployed on-site at institutions to help them revise policies and establish a systematic process for checking mortgage applications against the FRB's new higher-priced mortgage threshold. Additionally, the company's Wiz Sentinel anti-predatory lending software will also begin testing mortgages against the FRB's new higher-priced mortgage threshold when the Regulation Z revisions go into effect.Sames notes that the company is already using the software and professional services to help lenders comply with a new Maryland state law that mirrors Regulation Z. SOURCE: Wolters Kluwer Financial S

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