3/17/08

Jason Marx Vice President and General Manager, Mortgage, Wolters Kluwer Financial Services

Wolters Kluwer Financial Services has launched a revolutionary new mortgage document solution, the Wolters Kluwer Financial Services Simplified Mortgage™. The solution will help lenders and borrowers make the closing process for first mortgage and home equity loans simpler, faster and more affordable while complying with all federal and state regulatory requirements.

Through a U.S. patent-pending business process, the Wolters Kluwer Financial Services Simplified Mortgage permits the current recordable mortgage document to be split into two content pieces. The first piece is a two to three page recordable instrument that contains all information required to create a valid lien and fully comply with the recording requirements of each state. The second piece is a non-recordable supplement that outlines a loan’s standard covenants between the lender and borrower.

Lenders have traditionally recorded the entire mortgage document, which typically stretches beyond a dozen pages. By only submitting the recordable instrument using the Wolters Kluwer Financial Services Simplified Mortgage, lenders and borrowers may realize immediate and dramatic cost savings in those states where recordation fees are based on the number of pages recorded.

The non-recordable supplement introduces work flow flexibility as lenders may choose to present the supplement to borrowers at application or prior to closing to inform them of their responsibilities related to the loan and the secured property. The borrower experience is greatly improved as this helps to make the actual closing process faster and less complicated.

The solution further improves the borrower’s closing experience by making the recordable instrument and supplement easier to read and understand. The compliance experts at Wolters Kluwer Financial Services built the mortgage content in plain language within both the recordable instrument and the non-recordable supplement while ensuring adherence to regulatory requirements in all 51 U.S. jurisdictions. 

“In today’s competitive market, lenders are continually seeking innovative ways to bring greater efficiency to the closing process and reduce costs, making home ownership more affordable” said Jason Marx, vice president and general manager, Mortgage, Wolters Kluwer Financial Services. “Lenders understand the importance of remaining focused on the borrower and their needs. The Wolters Kluwer Financial Services Simplified Mortgage helps lenders achieve both goals by streamlining the closing process, reducing costs and improving the closing experience.”

Please visit Wolters Kluwer Financial Services Simplified Mortgage for additional information.