Marketing and Lead Generation

Technology to Prepare for HUD Reform

Anthony Garritano

MINNEAPOLIS-Housing secretary Shaun Donovan confirmed HUD will move forward with RESPA reform scheduled to take effect on Jan. 1, 2010. The changes to the regulation include revised GFEs, settlement statements and cost booklets that the Department of Housing and Urban Development believes will more clearly explain home loan terms to consumers. As a result, technology is moving in to help lenders keep up.

For example, Wolters Kluwer Financial Services here has launched the RESPA Resource Center. "We wanted to address questions and concerns that we've been getting from clients," said Jason Marx, vice president and general manager, Mortgage, for Wolters Kluwer. "They needed a resource and it gave us an opportunity to provide leadership. Customers need to know what to be prepared for because this reform changes processes, workflow and documents. You can't wait until January."

The website offers lenders information on RESPA as well as related laws such as HOEPA, HERA and TILA through free articles, videos and blogs. The site also offers lenders training and services, policy and reference resources, and compliance solutions available separately that can help them begin meeting RESPA requirements.