Wolters Kluwer Launches Platform for Paperless Loan Processing

Minneapolis-based ""Wolters Kluwer Financial Services"":http://www.wolterskluwer.com, a technology provider and servicer for financial organizations, has launched its Web-based OneFile mortgage processing solution, allowing lenders to replace paper-based processes.
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According to a statement from Wolters Kluwer Financial Services, ""OneFile"":http://www.OneFileNow.com is designed to improve productivity, lower costs, grow portfolios, and improve borrowers' customer experience.

The majority of lenders--76 percent--still rely on paper-based methods to process mortgages, according to a survey conducted this year by Wolters Kluwer Financial Services. The survey also revealed that lenders do not typically implement electronic systems due to borrower data security, high implementation costs, and the potential workflow impact.

""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

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for their borrower,"" said Jason Marx, VP and GM of the mortgage division at 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.""

OneFile is a transactional content management system designed for mortgage origination that provides pre-built mortgage file workflow, embedded document capture functions, and document review features that help enforce compliance with lender processing and underwriting guidelines.

Wolters Kluwer Financial Services boasts that its new system provides minimal operational risk in weeks versus the months or even years it could take lenders to build a similar solution.

By offering a centralized source for loan documents, OneFile allows lenders to create a single electronic loan file for each borrower, providing everyone involved in the origination process with simultaneous access to the file and documents.

It also integrates to Wolters Kluwer Financial Services' Secure Document Exchange (SDX) to help deliver electronic disclosures to borrowers. Loans are processed and underwritten more quickly and printing and mailing costs are eliminated, according to a statement from the company.

Thanks to OneFile's secure data centers, lenders can also reduce the risks that accompany paper mortgage files including poor disaster recovery, business continuity, and security issues surrounding confidential borrower information.