MINNEAPOLIS, July 12 /PRNewswire/ -- 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 in May 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® 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.

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Source: Wolters Kluwer Financial Services