SAN DIEGO–(BUSINESS WIRE)–Wolters Kluwer Compliance Solutions Executive Vice President and General Manager Steve Meirik and Tom HurstSales Manager for Wolters Kluwer eOriginal, will provide insight into the accelerating pace and benefits of digital technology that lenders are integrating into their daily practices at Mortgage Bankers Association 2021 Annual Meeting. The event takes place between October 17and and 20and at the San Diego Convention Center.
“The growing adoption of technologies to facilitate secure, streamlined and contactless online mortgage transactions that we have seen in recent years has accelerated exponentially during the Covid pandemic, and this meteoric trajectory promises to continue. as mortgage institutions reap the benefits of greater transaction speed, accuracy and transparency fintech brings to their businesses, to the delight of their customers,” Meirink said.
Meirink also noted that digital mortgage transactions powered by Wolters Kluwer technology have grown significantly over the past year, jumping 141% over the previous 12 months (for the period ending July 30, 2021).
“We have seen the growing demand for secure, streamlined and contactless mortgage closings, not only in response to social distancing requirements, but also the growing awareness among lenders of the cost savings benefits generated by the eClosing technology,” added Meirink. “Our proprietary research shows that eClosing technology can save independent mortgage originators up to 90% in interest costs for warehouse capital, which is just one of the many benefits of digitizing mortgages. mortgage closings.”
Another technology that is seeing rapid adoption, remote online notarization (RON), further facilitates lenders’ adoption of electronic mortgage closing transactions.
“RON technology has evolved from a ‘nice to have’ item to an essential component for lenders, as it ensures a truly remote online experience for conducting mortgage transactions online,” Hurst noted. “However, as no single RON tool covers all mortgage closing scenarios, we provide a technology platform that allows lenders to select and activate the best-fit RON solutions to complement their mortgage product portfolio.”
The MBA conference marks the first major event where eOriginal and Wolters Kluwer have co-presented their combined capabilities since Wolters Kluwer acquired eOriginal in late 2020.
“Wolters Kluwer and eOriginal have partnered to create the industry’s most trusted end-to-end digital mortgage technology to simplify and accelerate digital mortgages,” Meirink said, explaining that the combined entities’ digitization strategy is based on on open technologies and an ecosystem. of trusted partners, offering institutions and borrowers maximum choice. For example, the RON Hub integrated into the eOriginal ClosingCenter allows mortgage lenders and settlement agents to select the best remote online notarization (RON) partner solution that meets their unique needs.
Wolters Kluwer’s eOriginal technology has helped advance other capabilities in lending, including its work with Ginnie Mae in late 2020 to enable securitization of mortgage-backed securities for the first time using eNotes, rather than paper tickets, as acceptable collateral. The growing adoption of eNotes opens the door to wider adoption of digital mortgages by a range of mortgage lenders that issue loan products insured by Ginnie Mae and others.
Steve Meirink, Tom Hurst and other Wolters Kluwer experts will be available to speak with MBA attendees during portions of the conference in conjunction with Wolters Kluwer Exhibit Booth #507. Learn more.
Wolters Kluwer Compliance Solutions is a market leader and trusted provider of risk management and regulatory compliance solutions and services for insurers, banks and credit unions and securities firms in the United States. The company, part of Wolters Kluwer’s Governance, Risk & Compliance (GRC) division, helps these financial institutions effectively manage risk and regulatory compliance obligations, and gain the insights needed to focus on better service to their customers and the growth of their business.
Wolters Kluwer’s GRC division provides a range of expert solutions to help financial institutions manage regulatory obligations and risk. Wolters Kluwer Compliance Solutions eOriginal® of purpose-built digital lending solutions, for example, helps lenders digitize their transactions and offers e-signatures, collateral authentication and an e-vault. Compliance Solutions’ OneSumX® for regulatory change management tracks regulatory changes and organizes them to create value-added structured content through a single data feed combined with an easy-to-use software solution. Wolters Kluwer Finance, risk and regulatory reporting (FRR), meanwhile, is a global market leader in providing integrated regulatory compliance and reporting solutions. The division’s legal solutions businesses are Wolters Kluwer CT Corporation and Wolters Kluwer ELM Solutions.
About Wolters Kluwer Governance, Risk and Compliance
Governance, Risk & Compliance is a division of Wolters Kluwer, which provides legal and banking professionals with solutions to ensure compliance with ever-changing regulatory and legal obligations, manage risk, increase efficiency and drive better business results. GRC offers a portfolio of expert technology services and solutions focused on Legal Entity Compliance, Legal Operations Management, Banking Product Compliance and Banking Regulatory Compliance.
Wolters Kluwer (AEX: WKL) is a global leader in information services and solutions for professionals in healthcare, tax and accounting, risk and compliance, finance and legal. Wolters Kluwer achieved annual sales of €4.6 billion in 2020. The company, headquartered in Alphen aan den Rijn, the Netherlands, serves customers in more than 180 countries, maintains operations in more than 40 countries and employs 19,200 people worldwide.