Simplify the Closing Process
On Monday, March 17, Wolters Kluwer Financial Services unveiled a revolutionary new mortgage document solution: Wolters Kluwer Financial Services Simplified Mortgage™. This new solution helps lenders and borrowers make the closing process for first mortgage and home equity loans simpler, faster, and more affordable, while maintaining compliance with all federal and state regulatory requirements.
Using a U.S. patent-pending business process, Wolters Kluwer Financial Services Simplified Mortgage splits the current recordable mortgage document into two content pieces. The first piece is a two-to-three page recordable instrument containing information to create a compliant and valid lien, reducing recordation fees for lenders and borrowers in states where fees are based on the number of pages.
The second piece is a non-recordable supplement that outlines the loan’s standard covenants between the lender and borrower. This piece gives lenders the choice of presenting the supplement to borrowers at application or prior to closing, accommodating their workflow and simplifying the closing process.
Both pieces improve the borrower’s experience by eliminating confusion and making documents easy to understand. Compliance experts at Wolters Kluwer Financial Services built the mortgage content in plain language, yet adheres to regulatory requirements in all 51 U.S. jurisdictions.
“In today’s competitive market, lenders are always seeking innovative ways to make home ownership more affordable by reducing costs and bringing greater efficiency to the closing process,” said Jason Marx, vice president and general manager of Mortgage, Wolters Kluwer Financial Services. “Lenders understand the importance of remaining focused on the borrower and their needs. Wolters Kluwer Financial Services Simplified Mortgage helps lenders achieve both goals by reducing costs and streamlining the closing process.”
Discover how Wolters Kluwer Financial Services Simplified Mortgage can ease the closing process for you and your borrowers.
Meet RESPA Requirements More Efficiently
On Tuesday, March 11, Wolters Kluwer Financial Services launched Disclosure Manager™, a robust automated solution designed to replace the cumbersome paper-based home loan disclosure process.
With Disclosure Manager, lenders can automate the entire initial loan disclosure process, from document creation to the secure electronic delivery of documents to borrowers for eConsent or eSignature. If paper forms are still requested or necessary, lenders can use Disclosure Manager to completely and securely outsource the printing and mailing through Wolters Kluwer Financial Services’ SAS-70-certified mail fulfillment center.
By automating the disclosure process, lenders can save valuable resources. Decreased printing, handling, and mailing cuts cost, and fewer employees involved with the process free staff to work towards additional revenue-generating activities. Lenders can also configure the system to take advantage of the functionalities that work with their specific workflow needs.
If you’re tired of the complex paper-based initial disclosure process, it’s time you check out Disclosure Manager.
See Disclosure Manager for Yourself!
Learn how you can originate loans faster, comply with regulatory requirements, reduce operational costs, and improve your borrower’s overall experience with Disclosure Manager.
Sign up for one of our live demonstrations:
Thursday, March 27, 1 P.M. - 1:30 P.M. ET
Friday, March 28, 11 A.M. – 11:30 A.M. ET
Don’t Miss Us at MBA’s National Technology in Mortgage Banking Conference & Expo, March 16 - 19 in Dallas, Texas
Visit our booth (#405), tap into our knowledge of our industry experts, and learn ways to breathe new life into your compliance program with:
- Rapid loan modification implementation,
- Simplified closing documents,
- e-Disclosure workflow management,
- Outsourced document preparation,
- Automated state consumer lending compliance,
- Automated mortgage release processing,
- HMDA submission analysis,
- Fraud detection and mitigation, and more.
Wolters Kluwer Financial Services is a proud sponsor of the Risk Management Session Track and the Internet Center. Learn more about MBA’s National Technology in Mortgage Banking Conference & Expo and register today.
Reminders
- Missed an issue of the VMP® Information Newsletter? Access previous issues in the archive.
- We welcome any comments or suggestions for this newsletter. Please forward any to Angela Coenen at angela.coenen@wolterskluwer.com.
