WOLTERS KLUWER FINANCIAL SERVICES ACQUIRES DESERT DOCUMENT SERVICES
On FEBRUARY 16, 2007, Wolters Kluwer Financial services announced the acquisition of Desert Document Services, a Tempe, Arizona-based provider of automated document preparation solutions. Desert Document Services is primarily focused on serving the wholesale mortgage lending market. Its industry-leading technology solutions include dynamic content management and tools to develop, edit, organize and manage investor forms libraries.
“Desert Document Services’ solutions complement our current offerings in the mortgage industry and give our organization more scale and capabilities in the increasingly important wholesale lending market. Their solutions are also capable of interfacing with most loan origination systems in the marketplace—something our retail clients and alliance partners require,” said Brian Longe, president and chief executive officer of Wolters Kluwer Financial Services.
Wolters Kluwer Financial Services plans to combine Desert Document Services’ back-end technology applications with the company’s VMP X4 front end document preparation platform, which includes VMP Mortgage Solutions compliance content, to create the mortgage industry’s leading automated wholesale lending solution.
A growing number of lenders are trying to reduce the fixed costs associated with a direct sales force by relying more heavily upon wholesale channels, which allow them to achieve more variable sales costs.
“Making this switch requires that lenders have tight control over their indirect channels and ensure that third-party relationships have convenient access to accurate and compliant content that meets the lender’s requirements,” said John Bryant, executive vice president of Banking for Wolters Kluwer Financial Services. “This is where a more robust and seamless delivery system like what Wolters Kluwer Financial Services is constructing can come into play to tie lenders, their indirect channels and their customers together.”
NONTRADITIONAL MORTGAGE PRODUCTS ARE AVAILABLE
Are you looking for an easier way to educate your borrowers on the features and terms of interest-only and payment option adjustable rate mortgage (ARM) loan programs?
In response to the Federal Guidance issued September 29, 2007, and to assist financial institutions in educating borrowers early in the mortgage shopping stage, we’ve developed a comprehensive line of educational booklets and disclosures focused on interest-only and payment option ARMs.
Disclosure Booklets
Consumers Handbook on Adjustable Rate Mortgages (ARM) booklet (VMP-20)
Mandatory use date: October 1, 2007
Availability date: March 31, 2007 in paper and electronic formats
(Spanish version will be available as determined by the FRB)
The CHARM booklet has been substantially revised to include information regarding “interest-only” and “payment option” mortgages.
Education Booklets
A Guide to Interest Only Mortgages (VMP-15)
(Spanish version available on April 30, 2007)
This guide is designed to assist borrowers in deciding if an Interest Only (I-O) ARM is the right loan for them. The guide provides an overview of mortgage basics, highlights how lenders calculate and adjust the interest rate on I-O loans and offers many facts to consider when considering an I-O loan.
A Guide to Payment Option ARMs (VMP-13)
Availability date: February
(Spanish version available on April 30, 2007)
This guide is designed to first assist borrowers in understanding Payment Option ARMs through an explanation of adjustable rate features. It then provides explanations of the most common options available (1) Minimum payment (2) Interest Only payment and (3) Amortizing Payment – scheduled term. The guide also provides illustrations to show your borrowers the affect on future payments when choosing each of the options described. Finally, the guide assists borrowers in making smart financial choices with flexible payment options.
Interest-Only Mortgage Payments and Payment-Option ARMs – Are They for You? (VMP-12)
Board of Governors of the Federal Reserve System
Availability date: February 1, 2007 for electronic version, available now in printed format.
The booklet explains both Interest-Only and Payment Option ARM mortgages. In addition it provides key terminology, a Mortgage Shopping Worksheet, and the features as well as the risks of nontraditional mortgages.
Adjustable Rate Disclosures
Wolters Kluwer Financial Services has a variety of Interest-Only ARM disclosures available.
VISIT US AT THE MBA'S NATIONAL TECHNOLOGY IN MORTGAGE BANKING CONFERENCE & EXPO
When: March 25-27, 2007, in Tampa, FL
Where to find us: Booth 212
Tap into our industry leaders and learn more about the latest in technology and compliance solutions, including:
- e-Disclosures
- Secure Document Exchange
- Expere® Integrated Enterprise
- PCi
- Desert Document Solutions
- CompliSource
Wolters Kluwer Financial Services is a proud sponsor of the Business Communication Center.
