Wolters Kluwer’s Compliance Solutions
business has launched Online Applications for Consumer Lending (CLA), a digital offering that enhances the online loan origination capabilities of U.S. community banks and credit unions. CLA allows consumers to begin a loan application from any digital device, at any time. It integrates seamlessly with Wolters Kluwer’s ComplianceOne solution, a loan documentation and processing system that helps lenders optimize their lending and document preparation processes in a secure, fast and cost-effective manner.
With just a few clicks from their device of choice, a prospective borrower can begin the process for obtaining a loan online, rather than visiting a branch to get started. With CLA, the borrower enters information such as the desired loan amount and terms, contact details, and collateral—and the lender can use that information without re-keying.
“Until now, community banks and credit unions had few options available for providing online consumer loan applications, other than to build their own in-house functionality,” said Steven Meirink, executive vice president and general manager of Wolters Kluwer Compliance Solutions. “CLA helps level the playing field with larger institutions and internet-only banks, delivering an appealing consumer design and high-tech experience without a heavy technology investment. Ultimately, it empowers smaller, regional lenders to compete in a compliant, convenient and efficient manner in today’s rapidly evolving financial marketplace."