MINNEAPOLIS -- Wolters Kluwer Financial Services announced the launch of an automated solution designed to replace a lender's paper-based home loan disclosure process called Disclosure Manager.
The solution allows lenders to automate the entire initial loan disclosure process from document creation to the secure electronic delivery of documents to borrowers for eConsent or eSignature. Disclosure Manager also allows lenders to completely and securely outsource the printing and mailing of paper disclosures if needed through Wolters Kluwer Financial Services' SAS70-certified mail fulfillment center.
The objective of using Disclosure Manager is to more efficiently comply with regulatory requirements while originating loans faster, reducing operational costs and improving the overall borrower experience. By using electronic delivery of disclosures lenders can also save in reduced printing, handling, and mailing costs.
With the secure electronic feature lenders can offer borrowers disclosures a turnaround of minutes instead of days. Lenders are also provided with a complete and verifiable audit trail to prove to regulators that required disclosures were sent to the borrower within 72 hours of application.