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ComplianceFinanceApril 20, 2021

Wolters Kluwer demos eOriginal® ClosingCenter, the industry’s most open and complete eClosing solution, at HousingWire Mortgage Tech Virtual Demo Day

Wolters Kluwer product experts participated in HousingWire’s Mortgage Closing Tech Demo Day to shed light on how technology can help originators meet growing demand for frictionless yet scalable digital mortgage closings.

Participants of HousingWire’s first Mortgage Tech Virtual Demo Day watched a live demonstration of how Wolters Kluwer’s eOriginal® ClosingCenter solution delivers best-in-class tools for each step of the eClosing process.

The event, exclusively focused on digital closing technology, saw Alex Tepe, Associate Director of Technology Product Management, and Technology Product Manager Kendall Moore share expert insights into the common issues faced by the eClosing world – and how ClosingCenter is the solution.

Meet eOriginal® ClosingCenter

Alex began the discussion by providing some background to ClosingCenter and how its open architecture empowers lenders to effectively manage closing operation and helps settlement agents efficiently execute more mortgage closings.

“One of the biggest challenges we continue to see in the ever-evolving eClosing world is that eClosing can often feel too rigid and boxed-in for lenders and agents as it relates to actions available within an eClose package and integrated services,” he said. “Lenders should be able to select the best-in-class providers for each step, agents and notaries should be able to use services that they subscribed to and are familiar with.”

Wolters Kluwer’s eOriginal ClosingCenter is built to do just that: featuring a completely open integration framework, lenders utilizing this solution can use their current doc prep provider, with ClosingCenter enabling automated transfer of compliant lender closing documents.

ClosingCenter supports any type of closing, from 100% paper closings to hybrid paper-digital closings to fully remote and contactless closings. On top of that, it’s free to use for settlement agents and notaries, meaning no subscriptions, contracts, or new fees.

The system also provides a unified dashboard, allowing agents to access closings from partner lenders who use ClosingCenter. And while ClosingCenter is the home for settlement agents, it also serves as a hub for lender users like loan officers and closers, who want to monitor the status of specific closings. Throughout the entire process, closing agents and lenders are given power of choice related to both eClosing workflow and service provider selection.

How ClosingCenter Works

During the session, Alex gave a short walkthrough demonstration of a settlement agent’s workflow with ClosingCenter:

  1. Upon login, agents are presented with a closing overview, which provides a clear view of the steps available, as well as those required to complete the eClosing.
  2. Agents can preview the document package to ensure the content is correct, and to familiarize themselves with the loan, allowing them to identify discrepancies or missing documents ahead of Closing Day for a smoother borrower experience.
  3. It’s also possible to reduce time spent at the closing table: agents can release a read-only version of the closing package at any time ahead of Closing Day for the borrower to review beforehand.
  4. Next, agents can release invitations allowing borrowers to eSign documents through a remote contact list. This is a fully self-guided experience that reduces the amount of time an agent needs to spend on this step. This also results in fewer documents requiring signatures at the scheduled appointment, leading to a more efficient closing process.
  5. If the borrower isn’t able to complete the pre-close package, ClosingCenter will automatically recognize those documents that still require eSignature, and will either display those documents during the closing, or will send them to the agents’ selected remote online notarization (RON) partner.

At any time during the process, agents can send the entire document package to their preferred RON provider for a full remote online notary session, selected from a list of providers lenders feel comfortable with.

As Alex pointed out, this is a “big win for notaries and settlement agents who have contracted with – and trained on – specific platforms that they prefer.”

“Instead of forcing a single RON provider, ClosingCenter maintains integrations to many of the nation’s leading RON platforms, and is continuing to connect to even more of those options this year.”

Learn More

Simple, open, and scalable: ClosingCenter delivers a flexible, intuitive closing experience for lenders, borrowers, and settlement agents. For a discussion on how ClosingCenter can benefit your business, schedule a meeting with one of our product experts here.

Watch the full ClosingCenter demonstration here.

eOriginal ClosingCenter
An open, scalable solution delivering a simple and intuitive closing experience for lenders, borrowers, and settlement agents.
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