Wolters Kluwer Compliance Solutions has today launched its OmniVault for Real Estate Finance solution. It uses the company’s industry-leading, multi-award winning eVault technology to support digital home equity lending, both HELOCs and home equity loans, in addition to already supported conventional, U.S. government and jumbo first mortgages.
Because interest rates have increased, banks & credit unions are intensifying their efforts in growing their home equity business now that cash-out-refinancing is less appealing to millions U.S.-based homeowners. Wolters Kluwer’s technology enables these institutions to originate digital HELOCs as a Digital Original® instead of just a PDF, or a paper document. “When a HELOC is created within the OmniVault for Real Estate Finance offering, it establishes the Digital Original® of the HELOC, ensuring verifiable ownership and control, and enabling the sale, transferability, pledging, syndication and securitization of these digital assets,” Wolters Kluwer said. “The offering includes a digitally sealed audit trail providing an irrefutable chain of custody and evidence for the digital assets. Wolters Kluwer’s proprietary technology has more than 20 years of proven success and supports both Mortgage Electronic Registrations Systems (MERS®) and non-MERS® eRegistry transactions.”
Like Wolters Kluwer mortgage eNotes, digital HELOCs can be stored, managed and easily transferred in and out of an eVault on a single platform. The OmniVault Real Estate Finance solution provides clients with the same user experience and visibility across all asset classes. With Wolters Kluwer’s Rapid Deployment Solution (RDS), lenders can be using its platform for HELOCs within two weeks.
“Banks, credit unions and to some extent, mortgage banks are focusing on home equity lending, with mortgage refinances down and homeowners having high home equity gains over recent years,” commented Steven Meirink, Executive Vice President and General Manager, Wolters Kluwer Compliance Solutions. “Being able to offer digital HELOCs will help lenders differentiate their customer experience, while our OmniVault will give institutions simple, consistent ways to originate and manage digital real estate assets across their organizations. Many of the most important financial institutions are already using OmniVault. Wolters Kluwer eOriginal clients, so leveraging OmniVault by adding digital HELOCs can easily be done under their current MSAs.”
Simon Moir, Vice President and Segment Leader, GRC Banking Compliance, Wolters Kluwer Compliance Solutions, added: “Today, most HELOCs are held on balance sheets, but there are early signs that a secondary market is developing for these products. The ability to quickly transfer digital assets to investors and into securities will become more important if this is realized. Wolters Kluwer’s technology has already been used in more than 456 Asset Backed Securities (ABS) securitizations valued at over $164 billion and is firmly embedded in the ABS and Residential Mortgage-Backed Securities (RMBS) ecosystems.”
Wolters Kluwer Compliance Solutions the company provides risk management and regulatory compliance solutions to U.S. insurance, banks, credit unions, and security firms. The business, which sits within Wolters Kluwer’s Governance, Risk & Compliance (GRC) division, helps these financial institutions efficiently manage risk and regulatory compliance obligations, and gain the insights needed to focus on better serving their customers and growing their business.
Wolters Kluwer GRC has announced that Meirink won two leadership awards. Finance Monthly magazine and 2022 American Business Awards both recognized Meirink’s leadership excellence in the financial tech sector. He is, for the second year running, the recipient of Finance Monthly’s prestigious 2022 FinTech Senior Leadership Award, as well as a gold-level winner in the 20th Annual American Business Awards, being named Tech Innovator of the Year. These awards honor Meirink’s contribution to growing Compliance Solutions during the period of significant disruption and the challenges presented by COVID-19. This includes deepening its expert solutions offerings in the digital lending area.