Wolters Kluwer Financial Services has announced the launch of its Web-based OneFile mortgage processing solution. OneFile allows lenders to replace the cumbersome paper-based origination process, helping them improve productivity, lower costs, grow their portfolios and improve borrowers’ customer experience. A survey of more than 600 lenders in April 2010 by Wolters Kluwer found 76 percent were still relying on an inefficient paper-based method to process mortgages. The top reasons lenders had not implemented an electronic solution were security of borrower data, high implementation costs and the potential impact to lending workflow. Wolters Kluwer Financial Services’ OneFile solution helps lenders overcome all of these obstacles.
Built in conjunction with mortgage lenders, OneFile offers a centralized source for loan documents. The solution allows lenders to create a single electronic loan file for each borrower, providing everyone involved in the origination process, including third parties, with simultaneous access to the file and documents wherever and whenever they need it. It also integrates to Wolters Kluwer Financial Services’ Secure Document Exchange (SDX) solution to help lenders securely and electronically deliver disclosures to borrowers. All of this helps lenders process and underwrite loans more quickly, eliminate printing and mailing costs, and respond more rapidly to borrower questions.
OneFile is a transactional content management system that has been designed for mortgage origination. It offers pre-built mortgage file workflow, embedded document capture functions, and document review features that help enforce compliance with lender processing and underwriting guidelines. These features allow lenders to implement the solution with minimal operational risk in weeks versus the months or even years it could take lenders to build a similar solution.
OneFile also helps lenders dramatically reduce the inherent risks that accompany paper mortgage files. These include poor disaster recovery, business continuity, and security issues surrounding confidential borrower information. OneFile uses secure data centers that have undergone an SAS 70 Type II review. The solution also encrypts the sensitive information while at rest and in-transit.
“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 for their borrower,” said Jason Marx, vice president and general manager, mortgage, 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.”
For more information, visit www.OneFileNow.com.