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Wolters Kluwer Compliance Solutions Enhances eNote Data Validation

Keith Griffin
Aug 23, 2022
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Upgrade helps lenders and their counterparties better identify and resolve inconsistencies.

Wolters Kluwer Compliance Solutions recently announced it has further enhanced its eVault technology, which can now detect and alert users to inconsistencies in data-to-view mappings.

The updated is designed to help mortgage brokers and originators new to eNote usage avoid delays caused by inconsistencies and errors, the company said.

The enhanced technology validates incoming eNotes against the guidelines set by Washington D.C.-based Mortgage Industry Standards Maintenance Organization (MISMO). It automatically alerts eNote clients — originators, investors, and custodians — whenever eDelivered eNote data does not meet MISMO specifications, the company said.

The upgraded data validation functionality helps lenders reduce loan eVaulting production delays, while optimizing digital lending workflow efficiencies, Wolters Kluwer said. The validation utility is built on years of internally developed best practices, it said, focusing on the alignment between data and how it’s viewed. Clients can now take advantage of those best practices through this new customer-facing utility, it said.

Wolters Kluwer said it’s technology does not block an eNote if an inconsistency is detected. Instead, the validation serves as an additional level of quality control to ensure all entities speak a common data language by adhering to MISMO standards. Adherence, the company says, can help to expedite faster funding and movement of vaulted digital assets into the secondary market by prospectively reducing eNote data inconsistencies that could prevent sale and securitizations to investors.

In addition, the technology is sophisticated enough to identify situations where multiple variations of a standard are permitted by MISMO. This enhancement focuses on data-to-view mappings to reduce potential delays and/or outright rejections of eNotes, the company said.

“As eNote adoption grows within the mortgage ecosystem, ... participants originating, holding, selling, and securitizing these assets is expanding,” said Simon Moir, vice president, banking compliance solutions at Wolters Kluwer Compliance Solutions. “Not all of these users will be fully conversant with SMART Docs and MISMO standards, so inconsistencies will multiply. Our ... service auto-alerts users and shows them — and their vendor partners — exactly what to correct and will not slow down the rapid movement of eNotes.”

Published
Aug 23, 2022
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