MINNEAPOLIS--(EON: Enhanced Online News)--Wolters Kluwer Financial Services announced today the launch of its web-based OneFile mortgage processing solution. OneFile allows lenders to replace the cumbersome paper-based origination process, helping them improve productivity, lower costs, grow their portfolios and improve borrowers’ customer experience.
“OneFile allows them to do all of this with flexible workflows while maintaining compliance with an increasingly-complex set of regulatory requirements.”
A survey of more than 600 lenders in April 2010 by Wolters Kluwer Financial Services found 76 percent were still relying on an inefficient paper-based method to process mortgages. The top reasons lenders had not implemented an electronic solution were security of borrower data, high implementation costs and the potential impact to lending workflow. Wolters Kluwer Financial Services’ OneFile solution helps lenders overcome all of these obstacles.
Built in conjunction with mortgage lenders, OneFile offers them a centralized source for loan documents. The solution allows lenders to create a single electronic loan file for each borrower, providing everyone involved in the origination process, including third parties, with simultaneous access to the file and documents wherever and whenever they need it. It also integrates to Wolters Kluwer Financial Services’ Secure Document Exchange (SDX) solution to help lenders securely and electronically deliver disclosures to borrowers. All of this helps lenders process and underwrite loans more quickly, eliminate printing and mailing costs, and respond more rapidly to borrower questions.
OneFile is a transactional content management system that has been designed for mortgage origination. It offers pre-built mortgage file workflow, embedded document capture functions, and document review features that help enforce compliance with lender processing and underwriting guidelines. These features allow lenders to implement the solution with minimal operational risk in weeks versus the months or even years it could take lenders to build a similar solution.
OneFile also helps lenders dramatically reduce the inherent risks that accompany paper mortgage files. These include poor disaster recovery, business continuity, and security issues surrounding confidential borrower information. OneFile uses secure data centers that have undergone an SAS 70 Type II review. The solution also encrypts the sensitive information while at rest and in-transit.
“In today’s volatile marketplace, mortgage lenders are seeking to retain a competitive advantage by reducing cost and making the origination process faster and easier for their borrower,” said Jason Marx, vice president and general manager, Mortgage, Wolters Kluwer Financial Services. “OneFile allows them to do all of this with flexible workflows while maintaining compliance with an increasingly-complex set of regulatory requirements.”
For more information on OneFile, including a webcast demonstration, visit www.OneFileNow.com.
About Wolters Kluwer Financial Services
Wolters Kluwer Financial Services provides best-in-class compliance, content, and technology solutions and services that help financial organizations manage risk and improve efficiency and effectiveness across their enterprise. The organization’s prominent brands include Bankers Systems, VMP® Mortgage Solutions, PCi, AppOne®, GainsKeeper®, Capital Changes, NILS, AuthenticWeb™ and Uniform Forms™. Wolters Kluwer Financial Services is part of Wolters Kluwer, a market-leading global information services company focused on professionals with annual revenues (2009) of €3.4 billion ($4.8 billion), approximately 19,300 employees worldwide and operations in over 40 countries across Europe, North America, Asia Pacific, and Latin America. Visit our website, YouTube or follow @Wolters_Kluwer on Twitter for more information about our market positions, customers, brands, and organization.