Wolters Kluwer Compliance Solutions announced the launch of its OmniVault for Real Estate Finance solution.
OmniVault for Real Estate Finance uses the company’s eVault technology to support digital home loans, both HELOCs and home loans, in addition to conventional, US government and jumbo first mortgages already supported .
Wolters Kluwer’s technology allows institutions to create digital HELOCs as a Digital Original®, rather than just a PDF or paper document.
When a HELOC is created in OmniVault for Real Estate Finance 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 been around for over 20 years and supports both 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:
“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 Solutions, added:
“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 valued at over $164 billion and is firmly integrated into the ABS and Residential Mortgage-Backed Securities (RMBS) ecosystems.
Featured image credit: edited from Freepik