In the News
“The settlement services portion of the mortgage origination process has traditionally been disjointed and often disorganized, requiring financial institutions to go to many different sources to meet their needs. Our goal, through these enhancements, is to improve that process by providing a single, comprehensive solution to our clients by combining the services in one place,” [said Sean Depamphilis, vice president and general manager, Settlement Services.]
National Mortgage News, June 16, 2009
“Considering that firms will need to set aside several months to determine the cost of building new technology in house or outsourcing to one of a number of providers, and another several months to test their new systems, the clock is ticking, says Stevie Conlon, tax director at GainsKeeper, a firm that provides cost-basis reporting technology. ‘Anybody that hasn’t started doing due diligence is really behind,’ she says.”
Registered Rep., June 3, 2009
“Insurers need tools that not only help them identify and understand compliance content that affects their business, but also manage the process of implementing regulatory change. These tools should also provide insurers the ability to document to regulators that they have systems and controls in place to ensure compliance with requirements,” [said Kathy Donovan, senior compliance counsel].
Insurance & Technology, June 2009
“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.’”
Mortgage Technology, June 2009
“While the FHA has a host of materials on their Web site, the complexity of the rules and regulations behind the FHA program can be extremely difficult for a lender without experience in this area to interpret,” said Monica Stinchfield, senior vice president of Mortgage Lending for First Federal. “That’s why having the subject matter expertise like Wolters Kluwer Financial Services can offer is key.”
BankNews, June 2009
“Just like there was a push on firms to get a compliance structure in place, now I expect to see regulatory requirements that firms take more steps to manage their risks, to make sure that firms are looking at, recognizing and acting in accordance with managing their own risks,” [said David Thetford, securities compliance principal analyst.]
The Investment Professional, May 2009
“…it can be extremely challenging to monitor the regulatory environment. Part of AppOne’s success is providing one holistic solution that does it for them. Let the dealers focus on buying and selling cars. We’ll help make sure that they stay within the compliance and regulatory guidelines in the lending process,” [said Lee Domingue, CEO of Indirect Lending].
AutomotiveDigest, April 2009
“The lack of regulation in the subprime market made it easy for independent mortgage companies and Wall Street to deviate from responsible lending practices and provider borrowers with loans they could not afford – all in the name of profit. So, while critics would have you believe the housing crisis is about the poor, it is really is about poor lending practices,” [said Ed Kramer, EVP of Regulatory Programs, Amy Downey, senior regulatory consultant.]
HousingWire Magazine, April 2009
“Fraud can represent up to 5 percent of lost revenue,” said Heather Czermak, senior product manager with Wolters Kluwer Financial Services, Minneapolis, at MBA’s National Fraud Issues Conference. “The return on investment on fraud technology prevention can represent a 4:1 ratio in just the first year. The need for investment and the need for a controlled process is essential from a best-practices standpoint.”
MBA Newslink, Mar. 20, 2009
“The law requires managed care plans and health insurance plans in the state to make an effort by April 1 to provide language assistance services for members with limited ability to speak English…Health plans and translation services have been hurrying to find ways to work together to comply with the mandate. The regulations implementing the statute ‘do not specifically address agents or brokers,’ says Kathleen Donovan, senior compliance counsel at Wolters Kluwer Financial Services, Waltham, Mass. But benefits advisors will need to understand the language assistance services mandate to explain it to their clients, Donovan says.”
National Underwriter Life & Health, Mar. 13, 2009
“Abdias Lira is the Socrates of eMortgages—a facilitator who asks tough questions that help the MISMO eMortgage Task Force think through and rationalize the decisions it makes as it designs solutions to industry challenges… Lira credits his success to his industry, eMortgage and MISMO teammates, as well as his current employer. ‘Wolters Kluwer has always supported MISMO,’ he says.”
Mortgage Banking, March 2009
“There is a convenience in our keeping track of new regulations,” says [Anna] Monteiro, who calls the return on investment immediate. “In today’s changing environment,” she adds, “compliance officials often have to spend a considerable amount of time staying abreast of these changes.”
Securities Industry News, Feb. 17, 2009
“Art Tyszka, the director of document services at Wolters Kluwer, which sells secure document delivery software to financial institutions, said that the traditional transmission methods could leave borrowers at heightened risk for identity theft and other forms of financial fraud. ‘Any good 14-year-old hacker can intercept e-mail,’ he said. ‘It’s very risky.’”
New York Times, Feb. 15, 2009
“The change was intended in part to ‘simplify the tax work for investors by having brokers do the math,’ said Stevie D. Conlon, tax director of GainsKeeper, a division of Wolters Kluwer Financial Services that provides automated tax accounting and basis tracking,”
Wall Street Journal, Feb. 5, 2009
“In today’s banking industry, less is becoming more. As banks are faced with the choice of managing their businesses for growth versus managing multiple vendors and increasing regulatory obligations—partnering with one provider to implement a single solution might be the most efficient and effective way to put the focus back where it belongs—on customers,” [said Brian Longe, president and CEO of Wolters Kluwer Financial Services]
Bank Technology News, February 2009
“Identity theft and fraud prevention are critical for the auto finance industry, and regulators want to send the message that if dealers can’t police themselves, somebody else will,” [said Kevin Kopp, general manager of Indirect Lending].
Special Finance, January 2009
“Increased compliance requirements create an opportunity for dealers as well. They can distinguish themselves with finance companies by showing they’re in compliance and asking ways to improve even more, [Kevin] Kopp said.”
Used Car News, Dec. 29, 2008
“Jason Marx, a vice president at the consulting firm Wolters Kluwer Financial Services, said some lenders are better positioned than others for a refi wave, depending on how extensively their processes are automated. ‘Of the customers we deal with, the large national players are certainly capable of handling that … and have made the investments in automation,’ he said.”
American Banker, Dec. 19, 2008
“Due to the complexity of building this into our own systems, we decided that it made more sense to partner with [GainsKeeper] to build this enhancement,” said Christine Polak, vice president of operations at OppenheimerFunds.
InvestmentNews, Dec. 14, 2008
“By integrating and streamlining the credit application and electronic tax filing processes, RefundOne provides dealers with significant time and cost efficiencies. RefundOne reduces the re-entry of duplicate information and the overhead expense of using multiple, non-integrated solutions.”
Dealer Business Journal, December 2008
“Everyone’s instinct when something goes wrong in the financial services industry is to come up with a new regulation,” said Edward Kramer, executive vice president for regulatory programs at Wolters Kluwer Financial Services. “But oftentimes, it really is matter of fixing what you already have.”
HousingWire.com, Nov. 24, 2008
“If your broker doesn’t have basis information online, or if you have multiple accounts, you can track your basis with GainsKeeper… [it] even helps you to analyze the tax impact of selling different shares.”
Forbes, Nov. 10, 2008
“Wolters Kluwer appears to be onto something with its Web-based [AML Virtuoso] solution. A TowerGroup report says that simulation increases the efficiency of online teaching by up to 75 percent. Plus, [Raffi] Festekjian says, the simulator is more affordable for smaller institutions than in-person, on-site training; also, it's updated on a quarterly basis with new money laundering scenarios so institutions can stay current with the latest scams, and the solution can also be tailored to money laundering cases specific to a certain institution."
Bank Technology News, November 2008
“Optimal tax loss harvesting involves looking all year for opportunities to realize losses and minimize capital gains. GainsKeeper examines every tax lot, whether short or long term, as well as wash sales, and fines the most efficient time to sell.”
Boomer Market Advisor, October 2008
“Everything you need, from an initial overview of the regulatory requirements, to staff training and forms,” [said Anne Shivers, president of Carolina Collegiate Credit Union, when describing Wolters Kluwer Financial Services’ Red Flag Rules Tool Kit.]
Credit Union Journal, October 2008
“I am fairly certain that while the securities industry regulators are very interested in adopting principles regulations, they will not do it wholesale,” says David Thetford, the securities compliance principal analyst at Wolters Kluwer Financial Services in Minneapolis and a former examiner for the National Association of Securities Dealers.
SFO Magazine, October 2008
“The ‘three Cs’ of mortgage lending have always been credit, collateral, capacity to pay,” says Edward Kramer, executive vice president for regulatory services at consulting firm Wolters Kluwer Financial Services. "These are the most basic elements of loan underwriting, and we lost sight of that.”
Los Angeles Times, Sept. 25, 2008
“...David Thetford, securities compliance principal analyst at Wolters Kluwer Financial Services, a compliance and risk management firm, says audits are essentially ‘open book exams.’ All of the answers are there, he says, ‘Firms, supervisors and managers simply need to be prepared.’”
Registered Rep., Sept. 12, 2008
“Only about half of community banks say they’re prepared for the Nov. 1 FACT Act ‘Red Flags’ deadline, according to recent research from Gartner. Vendor Wolters Kluwer Financial Services has made quite a dent in selling its Red Flags products into the community bank market, forging partnerships with a slew of state banking associations.”
Bank Technology News Intelligencer, September 2008
“[Capital Changes’] corporate actions service comes with the added benefit of a contact name and number for an event and they often walk clients through the tax instructions step by step. The longevity of tax activities also means tax information vendors are contacted about corporate actions that happened years ago.”
Inside Reference Data, September 2008
“Kevin Byrne, senior compliance consultant at Wolters Kluwer, says that he expects many bankers to take a wait-and-see attitude [with Red Flag Rules compliance]. Then, after this year’s examine cycle, if they get slapped on the wrist, they will have a whole year to know what to gear-up for. ‘That’s a scary position to take because I personally think that we are going to see heavy enforcement,’ he says. ‘Previous enforcement issues and rules that have been out there don’t necessarily affect people like identity theft does, which is very near and dear to everyone’s heart. The Red Flags is going to have a lot more punch behind it; I think the examiners are going to be looking and expecting that these banks are working [to comply] to the spirit of the rule. If people aren’t prepared and they aren’t doing what they’re supposed to be doing, they’re probably, come Nov. 1, going to have a little bit of heartache.’”
Bank Technology News, September 2008
National Mortgage News, Aug. 29, 2008
“Every compliance area can be stronger and you really want to find the weaknesses before the SEC audits you, not when they’re there. Part of the reason the alerts are issued is to help firms realize where some of their peers are deficient and make them take a look at their own practices to make sure they are not deficient as well,” [said Alex Zelvin, senior manager of Securities Compliance Technology.]
Hedge Fund Law Report, Aug. 21, 2008
“Kevin Kopp, director of indirect lending at Wolters Kluwer Financial Services, agrees that market forces are influencing lenders. ‘The availability of consumer credit has been affected because of the mortgage losses that have hit the lenders,’ he says. ‘A lot of them are not willing to lose money in their auto loan portfolios. In general, most are looking for higher quality credit customers.’”
Bankrate.com, Aug. 5, 2008
“The acquisition will help expand Wolters Kluwer’s presence in the global market, said Mark Coronna, executive vice president of Securities Compliance and Insurance for Minneapolis-based Wolters Kluwer Financial Services. Many of Wolters Kluwer’s current U.S. customers have locations or do business in the U.K. market, which makes acquiring Compliance Online a logical move, Coronna said.”
St. Cloud Times, July 30, 2008
“Although technology can greatly aid in these matters, it can’t do so alone and, accordingly, human knowledge—both historical and operational—is a necessity, says Kathy Donovan, manager of government relations for Minneapolis-based Wolters Kluwer Financial Services insurance compliance solutions group. ‘Pure technology can serve as a vehicle for notification, but you need human analysis—you can’t have one without the other and have a successful system,’ she says. ‘Someone has to ask: Is this something we need to push out to the field office, or what does the state expect?’”
Insurance Networking News, July 2008
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