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Wolters Kluwer Disclosure Manager
Lower interest rates, reduced competition from traditional non-depository mortgage lenders and several new government lending initiatives all present banks with significant new mortgage lending opportunities. With these opportunities, however, come challenges in managing capacity and risk. Operationally, banks need to process large spikes in loan volume efficiently. At the same time, they need to meet all regulatory requirements in an increasingly-complex and rapidly-evolving compliance landscape.
Wolters Kluwer Financial Services’ Disclosure Manager solution can help banks manage these risks by providing a complete solution for automating their entire residential mortgage disclosure process – an important first step in their mortgage lending workflow – securely, electronically and smoothly within one system.
First, Disclosure Manager’s document preparation platform interfaces with a bank’s existing loan origination system to capture the required disclosure data. Next, the solution draws on its robust content management engine to build compliant document packages. Finally, Disclosure Manager securely and electronically sends disclosures to borrowers in minutes, giving them the option to e-consent or e-sign the disclosure. This speeds up the time to closing and locks borrowers in more quickly. If a borrower opts out of electronic delivery or if the bank determines that printed initial disclosure packages are necessary, Disclosure Manager securely and electronically delivers the document package to Wolters Kluwer Financial Services’ print and mail fulfillment center that has successfully completed a SAS 70 Type II review.
As the only solution that helps banks automate the entire home loan disclosure process, Disclosure Manager offers them numerous benefits:
- By eliminating paper, printing, postage and overnight delivery fees, banks can save $5 to $20 per loan.
- Banks can reduce the amount of time that sales staff spend on the initial disclosure process, moving them to revenue-generating activities.
- Using Disclosure Manager’s secure e-delivery functionality, banks have a verifiable audit trail that allows them to prove to regulators disclosures were delivered to borrowers within 72 hours of application as required by RESPA.
- The secure e-delivery functionality leverages Public Key Infrastructure encryption to ensure the protection and privacy of customer data in transit and at rest in order to maintain compliance with numerous regulations, including GLBA, BSA, and FFIEC requirements.
Wolters Kluwer Financial Services
www.WoltersKluwerFS.com