Wolters Kluwer Financial Services has announced the release of its Disclosure Manager solution to help financial institutions quickly and cost-effectively meet the Federal Reserve Board’s new early mortgage disclosure requirements.

The FRB in May finalized its early disclosure rules within Regulation Z (Truth-in-Lending Act) that are meant to ensure consumers receive disclosures explaining the cost of a mortgage earlier in the lending process. As the first complete solution for automating the entire early disclosure process, Wolters Kluwer Financial Services’ Disclosure Manager solution will enable institutions to begin complying with the new Regulation Z requirements securely, electronically, and smoothly within one technology system by the July 30 effective date.

First, Disclosure Manager’s document preparation platform interfaces with an institution’s existing loan origination system to capture the required disclosure data. Next, the solution draws upon its robust content management engine to build compliant document packages that will meet the new Regulation Z requirements as of July 30. Finally, Disclosure Manager securely and electronically sends disclosures to borrowers in minutes, giving them the option to e-consent or e-sign the disclosure. This speeds up the time to closing and locks borrowers in more quickly.

Jason Marx, vice president and general manager, Mortgage, added that by using Disclosure Manager’s secure e-delivery functionality, institutions have a verifiable audit trail that allows them to prove to regulators that disclosures were delivered to borrowers within the timeframes specified by Regulation Z.