Alliances and Interfaces

Wolters Kluwer Integrates with LoanSifter

By James Comtois, Online Reporter

With mortgage fraud on the rise and local, state and federal regulations not only constantly changing, but also being more rigidly and quickly enforced, loan compliance is becoming increasingly important. Although mortgage institutions have always relied on disclosures to help meet all state and federal regulatory requirements, their reliance on these updated disclosures has increased substantially in the past year.

As a means of giving lenders seamless access to compliance disclosures, a Minneapolis-based compliance technology firm has integrated its disclosure program with an Appleton, Wis.-based loan product eligibility and pricing tool’s platform.

Wolters Kluwer Financial Services has integrated its Disclosure Manager program with LoanSifter’s integrated Web-based 1003 mortgage application and product, pricing and eligibility engine. As a result, banks, credit unions and lenders using LoanSifter’s solution to originate mortgage loans will have seamless, electronic access to Wolters Kluwer’s VMP Mortgage Solutions compliance disclosures.

The new integration will allow users of LoanSifter’s integrated 1003 mortgage application solution to generate standard and customized initial disclosure documents through Wolters Kluwer’s Disclosure Manager software and then electronically deliver them to borrowers for e-signature.

According to the companies, the platform also gives financial institutions the option of completely and securely outsourcing the printing and mailing of paper disclosures when needed or requested by the borrower through Wolters Kluwer’s mail fulfillment center.

“With LoanSifter’s website pricing portal and 1003 applications, financial institutions are able to deliver accurate real-time quotes and streamline the application process, while reducing mistakes from within their existing websites,” said Bruce Backer, president of LoanSifter in a statement.

Mr. Backer added that being able to automatically deliver up-to-date disclosures will reduce overhead and ensure proper compliance for its customers.

Because Wolters Kluwer’s Disclosure Manager program automatically generates compliance documentation for LoanSifter’s users, lenders can eliminate the regulatory requirement burden associated with determining which documents are required for a specific transaction and jurisdiction.

Through the secure electronic delivery of disclosures, lenders can also realize considerable time and cost-savings through reduced printing, handling and mailing costs versus the traditional manual, labor-intensive paper-based process.