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| July 27, 2007 - Wolters Kluwer Financial Services |
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Wolters Kluwer Financial Services Helps Texas Lenders Respond Quickly to Regulatory Change and Better Educate Borrowers Wolters Kluwer Financial Services today announced the availability of a new disclosure the company is offering mortgage lenders doing business in Texas that they can use with loan applicants to explain the consequences of committing mortgage fraud in the state -- a prison sentence of up to 99 years and a fine not to exceed $10,000 depending on the loan amount and value of the property. Texas signed into law a new bill on May 7, 2007 that sets criminal penalties for false or misleading statements in procuring a mortgage loan and establishes a task force for enforcement. In addition, the new law creates a requirement that all home loan applicants in Texas receive a mortgage fraud notice at closing. "Wolters Kluwer Financial Services has a strong track record of helping our customers in the mortgage lending industry respond quickly and conveniently to regulatory changes," said John Bryant, executive vice president of Banking for Wolters Kluwer Financial Services. "And we also understand the importance of helping our customers better educate borrowers on product-related issues like mortgage fraud." Wolters Kluwer Financial Services offers mortgage lenders a comprehensive line of disclosures and educational materials available in print and electronic file formats. Wolters Kluwer Financial Services` disclosures and educational materials are compatible with most loan origination systems (LOS) and built upon the decades of experience and knowledge that goes into the company`s VMP(R) Mortgage Solutions product line. Lenders, LOS providers and government agencies have trusted the VMP brand name for best-in-class compliance documentation, technology solutions and services for more than 36 years.
About Wolters Kluwer Financial Services Wolters Kluwer Financial Services provides best-in-class compliance, content, and technology solutions and services that help financial organizations manage risk and improve efficiency and effectiveness across their enterprise. The organization`s prominent brands include Bankers Systems, VMP(R) Mortgage Solutions, PCi, GulfPak, Desert Document Services, GainsKeeper(R), CCH(R) Capital Changes, NILS INSource(R), AuthenticWeb(TM) and CCH Wall Street. Wolters Kluwer Financial Services` solutions include integrated and stand-alone compliance and work flow tools, documentation, analytics, authoritative information, and professional services. Customers include banks, credit unions, mortgage lenders, and securities and insurance organizations of all sizes throughout the United States. For more information on Wolters Kluwer Financial Services, visit http://www.wolterskluwerfs.com/. Wolters Kluwer is a leading global information services and publishing company. The company provides products and services for professionals in the health, tax, accounting, corporate, financial services, legal and regulatory, and education sectors. Wolters Kluwer has annual revenues (2006) of euro 3.7 billion, employs approximately 19,900 people worldwide and maintains operations across Europe, North America, and Asia Pacific. Wolters Kluwer is headquartered in Amsterdam, the Netherlands. Its shares are quoted on the Euronext Amsterdam (WKL) and are included in the AEX and Euronext 100 indices. For more information, visit http://www.wolterskluwer.com/. Source: Wolters Kluwer Financial Services CONTACT: Jennifer Marso, Director of Corporate Communications, Web site: http://www.wolterskluwer.com/ |
| Wolters Kluwer Financial Services by Jennifer Marso, Minneapolis-MN |
