Wolters Kluwer launches OmniVault for Real Estate Finance solution
Wolters Kluwer Compliance Solutions has launched its OmniVault for Real Estate Finance solution. OmniVault for Real Estate Finance 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.
Banks and credit unions are stepping up their efforts to grow their home equity businesses now that interest rate increases have made cash-out-refinancing less attractive to millions of U.S.-based homeowners. Wolters Kluwer’s technology enables these institutions to originate digital HELOCs as aDigital Original®, rather than just a PDF or a paper document.
When a HELOC is created within the OmniVault for Real Estate Financeoffering, 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. 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,” said Steven Meirink, Executive Vice President and General Manager, Wolters Kluwer Compliance Solutions, in a statement. “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 largest financial institutions are already Wolters Kluwer eOriginalclients, 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. If this comes to fruition, the ability to quickly move digital assets to investors or into securities will take on greater importance. Wolters Kluwer’s technology has already been used in more than456 Asset Backed Securities (ABS) securitizations valued atover $164 billion and is firmly embedded in the ABS and Residential Mortgage-Backed Securities (RMBS) ecosystems.”
Wolters Kluwer Compliance Solutions is a market leader and trusted provider of risk management and regulatory compliance solutions and services to U.S. insurers, banks, credit unions and securities 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.
Last month Wolters Kluwer GRC completed its acquisition of International Document Services, Inc. (IDS), a leading U.S. provider of compliance and document generation software solutions for the mortgage and real estate industry, for approximately $70 million in cash.
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About Wolters Kluwer Governance, Risk & Compliance
Governance, Risk & Compliance is a division of Wolters Kluwer, which provides legal and banking professionals with solutions to help ensure compliance with ever-changing regulatory and legal obligations, manage risk, increase efficiency, and produce better business outcomes. GRC offers a portfolio of technology-enabled expert services and solutions focused on legal entity compliance, legal operations management, banking product compliance, and banking regulatory compliance.
Wolters Kluwer (WKL) is a global leader in professional information, software solutions, and services for the healthcare; tax and accounting; governance, risk and compliance; and legal and regulatory sectors. We help our customers make critical decisions every day by providing expert solutions that combine deep domain knowledge with specialized technology and services. Wolters Kluwer reported 2021 annual revenues of €4.8 billion. The group serves customers in over 180 countries, maintains operations in over 40 countries, and employs approximately 19,800 people worldwide. The company is headquartered in Alphen aan den Rijn, the Netherlands.