Wolters Kluwer launches OmniVault for real estate finance technology solution
By Joy Dumasia
- Digital Loan
- Equity loans
Wolters Kluwer Compliance Solutions has launched its OmniVault solution for real estate financing. OmniVault for Home Finance uses industry-leading, multi-award-winning eVault technology to support digital home loans, both HELOCs and home loans, in addition to conventional and jumbo first mortgages. US government 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 allows these institutions to generate digital HELOCs as a digital original, 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 non-MERS eRegistry 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.
Steven Meirink, Executive Vice President and General Manager, Wolters Kluwer Compliance Solutions, said: “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 home equity. their property in recent years. 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 as part of their current MSAs.
Simon Moir, Vice President and Segment Head, GRC Banking Compliance, Wolters Kluwer Compliance Solutionsadded: “Today, most HELOCs are held on balance sheets, but there are early signs that a secondary market is developing for these products. If this materializes, the ability to quickly transfer digital assets to investors or to securities will take on greater importance Wolters Kluwer’s technology has already been used in more than 456 asset-backed securities (ABS) securitizations worth more than 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 brokerage firms. The company, part of Wolters Kluwer’s Governance, Risk & Compliance (GRC) division, helps these financial institutions effectively manage risk and regulatory compliance obligations and gain the insights needed to focus on better service. to their customers and the growth of their business.
Wolters Kluwer’s GRC division provides expert solutions to help financial institutions manage regulatory obligations and risk. OneSumX for Regulatory Change Management from Wolters Kluwer Compliance Solutions 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’ iLien Motor Vehicle provides motor vehicle title and lien processing and management, helping to solve the most unique and complex title perfection challenges. Meanwhile, Wolters Kluwer Finance, Risk & Regulatory Reporting (FRR) is a global market leader in providing integrated regulatory compliance and reporting solutions. The division’s legal solutions businesses are Wolters Kluwer CT Corporation and Wolters Kluwer ELM Solutions.
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