Wolters Kluwer Compliance Solutions and Floify, a point-of-sale solution in the mortgage industry and a subsidiary of Porch Group Inc., are collaborating to leverage the capabilities of Wolters Kluwer’s eOriginal product suite. 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 agreement 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 eVault offering, which ensures that digitally processed loan documents retain the same enforceability as paper-based transactions. .
“We are delighted to partner with Wolters Kluwer and are now one step closer to offering complete electronic fencing,” said Dave 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.
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.
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 offering 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” , says Steve Meirink, executive vice president and general manager of Wolters Kluwer Compliance Solutions.
“Our expert eNote solution delivers immediate value in the loan origination process, yet another way lenders benefit from working with an experienced partner dedicated to their success,” adds Meirink. “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. »