Provides Mortgage Servicers with Fast, Web-Based Access to Practical Explanations of Federal and State-Specific Laws
Wolters Kluwer Financial Services announced today that CompliSource, the company’s web-based regulatory research tool for residential and indirect lenders, now includes foreclosure compliance summaries. As a result, mortgage lenders and servicers utilizing CompliSource have fast access to practical explanations of state-specific foreclosure laws in all 51 U.S jurisdictions to help them meet and keep pace with changing regulatory requirements. Nearly 30 states passed legislation pertaining to the foreclosure process in 2011, making it a critical area of compliance for servicers.
CompliSource can be utilized alone or as a complement to Wolters Kluwer Financial Services’ foreclosure services that include compliance and delivery solutions for notices of default, affidavits and state-registration and regulatory consulting services. Servicers can now count on CompliSource as a single source of foreclosure information and analysis on:
- Federal and state default servicing information for conventional and high-cost loans;
- Loan modification and foreclosure prevention requirements including rights to cure;
- Required notices and documents for pre-foreclosure and judicial and non-judicial foreclosures;
- Federal and state Service members Civil Relief Act restrictions on foreclosure actions;
- Required notices to tenants; and
- The judicial and non-judicial foreclosure process from commencement of an action through deficiency pursuit.
“The sheer amount of new foreclosure-related legislation can be overwhelming for mortgage servicers ,” said Jason Marx, vice president and general manager of Wolters Kluwer Financial Services’ Residential and Indirect Lending businesses lines. “CompliSource now provides them with an efficient and cost-effective method of proactively managing laws in all 51 U.S. jurisdictions to reduce the risk of litigation. Because our regulatory and risk management experts continually update the solution, servicers can be confident they always have access to the most up-to-date information.”