Wolters Kluwer Financial Services has added to its StateLink tool new functionality that offers lenders additional clarity about legislative changes before they take effect.
A Web-based compliance knowledge base, StateLink monitors regulatory requirements surrounding first mortgages and closed-end second mortgages, such as those tied to disclosures, fees and recordation. It offers continuously updated information for all 51 U.S. jurisdictions and now also provides text highlights to emphasize upcoming regulatory revisions. StateLink reported 53 regulatory updates in 28 states through March.
Mortgage lenders receive e-mail alerts from StateLink about upcoming rule changes in the states where they do business. This can help them adjust their compliance policies and procedures before new requirements take effect, Wolters Kluwer Financial Services says.
In addition, StateLink enables lenders to see how regulatory changes will affect their mortgage documents. StateLink provides links to sample versions of Wolters Kluwer Financial Services' electronic VMP Mortgage Solutions documents to illustrate the changes that will be made.