When it comes to mortgage documentation, financial institutions cannot afford to compromise. However, stringent regulations, such as those required by the Real Estate Settlement and Procedures Act (RESPA), can create real challenges for financial institutions.
First Citizens Bank’s mortgage division recently partnered with Wolters Kluwer Financial Services to help automate their mortgage processes, maximize resources and reduce turnaround times while ensuring that all of their disclosures, closing documents and appraisals are compliant with state and federal regulations. The bank relies on Wolters Kluwer Financial Services full-service approach to providing prompt disclosures and closing documents, which combines electronic delivery (Document Preparation and Secure Document Exchange) with paper fulfillment as back up.
As a result of this partnership, First Citizens Bank has eliminated its need to print, assemble, package and ship documents, which has expedited its entire mortgage documentation process as well as relieved the bank’s burden with RESPA compliance.
Read the full case study and view the press release.
To learn more about our Document Services, click here.
Subscribe to our blog updates and register to win an iPad2.