MINNEAPOLIS–(BUSINESS WIRE)–Wolters Kluwer Compliance Solutions today launched its OmniVault for real estate financing Solution. OmniVault for Real Estate Finance uses the company’s advanced technology, award-winning eVault technology to support digital home equity lending, both HELOCs and home equity lending, in addition to conventional, US government and jumbo first mortgages already supported.
Banks and credit unions are stepping up efforts to grow their home equity businesses now that interest rate increases have made cash-in refinancing less attractive for millions of U.S.-based homeowners. Wolters Kluwer’s technology enables these institutions to create digital HELOCs as Original digital®, rather than just a PDF or paper document. When a HELOC is created in the OmniVault for real estate financing offer, it establishes the digital original® of the HELOC, ensuring verifiable ownership and control, and enabling the sale, transferability, pledge, syndication and securitization of these digital assets. The offering includes a digitally sealed audit trail providing an irrefutable chain of custody and evidence for digital assets. Wolters Kluwer’s proprietary technology has over 20 years of proven success and supports electronic mortgage registration systems (MERS®) and not MERS® Electronic ledger transactions.
Like Wolters Kluwer’s Mortgage eNotes, digital HELOCs can be stored, managed, and easily transferred to and from 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 use its platform for HELOCs in two weeks.
“Banks, credit unions and to some extent mortgage banks are focusing on home equity lending as mortgage refinances are down and homeowners have made high gains on their home equity. ownership over the past few years,” said Steven Meirink, executive vice president and general manager of Wolters Kluwer Compliance. Solutions. “Being able to offer digital HELOCs will help lenders differentiate their customer experience, while our OmniVault will provide institutions with simple and consistent ways to create and manage digital real estate assets across their organizations. Many of the largest financial institutions are already Wolters Kluwer eOriginal customers, so leveraging OmniVault by adding digital HELOCs can easily be done within their existing MSAs.
Simon Moir, Vice President and Segment Head, GRC Banking Compliance, Wolters Kluwer Compliance Solutions, added: “Today most HELOCs are on balance sheet, but there are early signs that a market secondary develops for these products. If this materializes, the ability to quickly transfer digital assets to investors or securities will take on greater importance. 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 integrated into 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 US insurers, banks, credit unions and securities firms. The company, which sits within Wolters Kluwer’s Governance, Risks and Compliance (GRC), helps these financial institutions effectively manage risk and regulatory compliance obligations, and gain the knowledge needed to focus on better serving their customers and growing their business.
Wolters Kluwer’s GRC division provides a range of expert solutions to help financial institutions manage regulatory obligations and risk. Wolters Kluwer Compliance Solutions OneSumX® for regulatory change management tracks regulatory changes and organizes them to create value-added structured content through a single data feed combined with an easy-to-use software solution. Compliance Solutions’ Motor vehicle iLien provides for the processing and management of motor vehicle titles and liens, helping to solve the most unique and complex title perfection challenges. Wolters Kluwer Finance, risk and regulatory reporting (FRR), meanwhile, is a global market leader in providing integrated regulatory compliance and reporting solutions. The division’s legal solutions activities are Company Wolters Kluwer CT and Wolters Kluwer ELM Solutions.
About Wolters Kluwer Governance, Risk and Compliance
Governance, Risks and Compliance is a division of Wolters Kluwer, which provides legal and banking professionals with solutions to ensure compliance with ever-changing regulatory and legal obligations, manage risk, increase efficiency and drive better business results. GRC offers a portfolio of expert technology 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 healthcare; taxation and accounting; governance, risk and compliance; and the legal and regulatory sectors. We help our customers make critical decisions every day by delivering expert solutions that combine deep domain knowledge with specialized technology and services. Wolters Kluwer achieved annual sales of €4.8 billion in 2021. 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.