Wolters Kluwer Financial Services has announced the launch of a new service designed to help compliance and risk-management professionals help banks and credit unions effectively and efficiently comply with recent changes to the Real Estate Settlement Procedures Act (RESPA).

Since the RESPA revisions took effect on Jan. 1, financial institutions have identified several common challenges in complying with them. These include meeting the new fee tolerance and Good Faith Estimate re-disclosure requirements and the responsibility to make sure third parties they do business with, such as mortgage brokers and settlement agents, are also in compliance.

Wolters Kluwer new Financial Services’ RESPA Post-Implementation Audit Service helps institutions rapidly put the necessary policies, procedures, and documentation in place to overcome the most common and complex challenges. The company’s attorneys, compliance analysts, and regulatory consultants use decades of experience and expertise to perform an efficient and thorough review of institutions’ RESPA compliance programs.

The review includes an examination of an institution’s lending, compliance, vendor management, and staff training procedures. It also includes a loan file review that looks at GFEs and HUD-1 and HUD-1A forms for accuracy and adherence to all RESPA requirements. Wolters Kluwer Financial Services’ compliance and risk-management experts then offer a comprehensive diagnosis of each institution’s RESPA compliance program, highlighting any areas of potential concern. They also suggest practical ways in which policies, procedures, and documentation can be enhanced from compliance and operational standpoints.