Wolters Kluwer Compliance Solutions and Floify Announce Collaboration for eNote Digital Signature Closures
MINNEAPOLIS–(BUSINESS WIRE)–Wolters Kluwer Compliance Solutions and Floify, a leading point-of-sale solution in the mortgage industry and a subsidiary of Porch Group, Inc. (NASDAQ: PRCH), are collaborating to leverage the capabilities of Wolters Kluwer eOriginal suite of products, the trusted leader in digital lending technology. The two companies are integrating Wolters Kluwer eOriginal’s digital promissory note (eNote) technology into Floify’s loan processing system through a hybrid electronic closing process. This provides Floify customers with a digital electronic fence capability, enabling a digital signature versus the traditional electronic signature approach.
The deal also allows Floify to leverage Wolters Kluwer’s ability to create and execute an electronic note and then manage the asset through Wolters Kluwer’s digital mortgage solution which includes the industry leader safe offer, which ensures that digitally processed loan documents retain the same enforceability as paper-based transactions.
The integration further enables both companies to drive innovation in the mortgage process through automation and digitalization. Using eOriginal eNote and eVault technology integrated within the Floify ecosystem, loan originators using Encompass, Floify’s Hybrid E-Closing product, and Floify E-Sign product will be able to allow borrowers to sign an electronic note when execution of loan documentation. The adoption of eNote signals the imminent and necessary innovation within the complex and primarily paper-based mortgage process, further underscoring Floify’s approach to building the future of mortgage origination and fulfillment.
“We are delighted to partner with Wolters Kluwer and are now getting closer to offering full electronic closures,” said david sims, CEO of Floify. “We are continually adapting and developing our platform to meet the ever-changing needs of our customers. Integrating eOriginal eNote technology and digitizing the mortgage process allows us to provide mortgage solutions that reduce time and costs throughout the process.
Prior to eNote verification technology, all loan documents had to be signed in writing, which increased the time between loan generation and execution and thus added risk to each loan. Scanning loan documents streamlines and speeds up the signing process. Wolters Kluwer eOriginal technology creates, transfers and stores electronic notes in a secure vault, stored with a tamper-proof seal. Additionally, the technology registers all signed documents with the MERS electronic registry to create a formal audit trail for use in court, if necessary.
Wolters Kluwer supports digital lending by providing an open ecosystem, which allows financial institutions to use their preferred set of solutions to conduct digital transactions.
“Wolters Kluwer’s unique expertise and long history in digital lending and loan compliance provides lenders looking to embrace the digital journey the means to confidently advance their capabilities in meaningful and substantial ways.” Our expert eNote solution delivers immediate value in the loan origination process, another way lenders can benefit from working with an experienced partner dedicated to their success,” said Steve Meirik, Executive Vice President and General Manager of Wolters Kluwer Compliance Solutions. “With a focus on mortgage innovation, Floify is a natural partner, and its platform fits perfectly with our capabilities. We look forward to sharing the benefits of this technology collaboration with Floify’s wide audience of customers. »
Wolters Kluwer Compliance Solutions is a market leader and trusted provider of risk management and regulatory compliance solutions and services to US insurers, banks, credit unions and securities firms. The company, part of Wolters Kluwer’s Governance, Risk & Compliance (GRC) division, helps these financial institutions effectively manage risk and regulatory compliance obligations, and gain the insights needed to focus on better service to their customers and the growth of their business.
Wolters Kluwer’s GRC division provides a range of expert solutions to help financial institutions manage regulatory obligations and risk. Wolters Kluwer Compliance Solutions OneSumX® for regulatory change management tracks regulatory changes and organizes them to create value-added structured content through a single data feed combined with an easy-to-use software solution. Compliance Solutions’ Motor vehicle iLien provides for the processing and management of motor vehicle titles and liens, helping to solve the most unique and complex title perfection challenges. Wolters Kluwer Finance, risk and regulatory reporting (FRR), meanwhile, is a global market leader in providing integrated regulatory compliance and reporting solutions. The division’s legal solutions activities are Company Wolters Kluwer CT and Wolters Kluwer ELM Solutions.
About Wolters Kluwer Governance, Risk and Compliance
Governance, Risk & Compliance is a division of Wolters Kluwer, which provides legal and banking professionals with solutions to ensure compliance with ever-changing regulatory and legal obligations, manage risk, increase efficiency and drive better business results. GRC offers a portfolio of expert technology services and solutions focused on Legal Entity Compliance, Legal Operations Management, Banking Product Compliance and Banking Regulatory Compliance.
Wolters Kluwer (AEX: WKL) is a global leader in information services and solutions for professionals in healthcare, tax and accounting, risk and compliance, finance and legal. Wolters Kluwer achieved annual sales of €4.6 billion in 2020. The company, headquartered in Alphen aan den Rijn, the Netherlands, serves customers in more than 180 countries, maintains operations in more than 40 countries and employs 19,200 people worldwide.
Floify is a digital mortgage automation and point-of-sale solution that streamlines the loan origination process by providing a secure application, communication and document portal between lenders, borrowers, referral partners and other mortgage stakeholders. Lenders use Floify to collect and verify borrower documents, track loan progress, communicate with borrowers and real estate agents, and close loans faster. Floify is based in Boulder, Colorado. For more information, visit the company’s website at www.floify.com or on social networks on Facebook, LinkedIn or Twitter.