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ComplianceFinanceOctober 31, 2023

Wolters Kluwer helps lenders ramp up to a full digital closing at their own pace

(As posted on HousingWire)

Mortgage lenders are facing multiple challenges in today’s market. Borrowers expect a more digital, convenient experience, particularly at closings, and if one lender doesn’t provide it, a competitor will.

At the same time, lenders are under intense scrutiny by regulators and investors with the slightest misstep or error resulting in fines or buyback demands. Finally, many lenders are losing money, or at best breaking even on every loan and need to invest in new technology to turn this around. But how can you balance these challenges in the current low-volume environment?

Based on your business strategy, the Wolters Kluwer portfolio of industry-leading mortgage solutions can be implemented either as discrete components or as an end-to-end strategy. In either case, these solutions help drive productivity, ensure compliance and enhance customer experience.

Having the right technology is central to a successful eClosing strategy. Wolters Kluwer provides options at every step of the way to implement solutions as a piece of the process, and these pieces can later be used together to ramp up to a fully digital closing process at your pace depending on your specific strategy for eClosings.

These solutions give users the ability to add different functionalities to meet specific needs as business evolves. Wolters Kluwer meets its customers where they are in their digital adoption strategy, whether fully paper, fully digital or at any level of a hybrid process.

  • ClosingCenter is Wolters Kluwer’s open eClosing solution that connects and integrates with any doc prep provider, RON provider, title company or settlement services provider.
  • OmniVault allows for visibility into all of the different eVaults a lender uses in a single platform, regardless of asset type, making it easy to expand digital adoption to other asset classes within their organization.
  • Wiz provides advanced portfolio analytics to identify regulatory risk and demonstrate CRA, HMDA and Fair Lending Compliance.
  • SmartSign Plus is purpose-built for simple, intuitive and compliant document eSignature across the lending lifecycle.
  • iLienRED helps you complete, record and track mortgage related documents for lien perfection.
  • Finally, Wolters Kluwer’s several doc gen solutions offer highly configurable document generation and loan processing depending on your needs.
Moving from paper-based to digital processes is the key for reducing costs. Industry ROI studies routinely show improvements in the $300 to $400 per-loan range for fully digital processes that produce eNotes, rather than paper assets. Wolters Kluwer has an unmatched history of compliance in the mortgage industry and is the recognized leader in eNote creation and eVaulting.
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