Wolters Kluwer Compliance Solutions and Floify, a point-of-sale solution in the mortgage industry and subsidiary of Porch Group Inc., are collaborating to leverage the capabilities of Wolters Kluwer’s eOriginal product suite.
The companies are integrating eOriginal’s digital promissory note (eNote) technology into Floify’s loan processing system through a hybrid e-closing process. This provides Floify customers a digital e-closing capability, allowing a digital signature over the traditional wet-signing approach.
The agreement also allows Floify to leverage Wolters Kluwer’s ability to create and execute an eNote, then manage the asset via Wolters Kluwer’s digital mortgage solution that includes the eVault offering, which ensures that digitally processed loan documents retain the same legal enforceability as paper-based transactions.
“We’re excited to be partnering with Wolters Kluwer and are now one step closer to offering full e-closings,” says Dave Sims, CEO of Floify. “We’re continuously adapting and growing our platform to serve the ever-changing needs of our customers. Integrating the eOriginal eNote technology and digitizing the mortgage process allows us to provide mortgage solutions that reduce time and fees throughout the process.”
Using the integrated eOriginal eNote and eVault technology within the Floify ecosystem, loan originators using Encompass, Floify’s Hybrid E-Closing, and Floify E-Sign product will be able to allow borrowers to sign an eNote in the execution of loan documentation. The adoption of eNote signals the imminent and necessary innovation within the complex and primarily paper-based mortgage process, further highlighting Floify’s approach to building the future of mortgage origination and execution.
Before eNote verification technology, all loan paperwork was required to be wet-signed, increasing the lag time from loan generation to execution and thereby adding risk to every loan. The digitization of loan paperwork streamlines and expedites the signature process. Wolters Kluwer eOriginal technology creates, transfers, and maintains eNote in a secure eVault, stored with a tamper-evident seal. Additionally, the technology registers all signed documentation with the MERS eRegistry to create a formal audit trail for use in court, if ever needed.
Wolters Kluwer supports digital lending by offering an open ecosystem, which enables financial institutions to utilize their preferred set of solutions to conduct digital transactions.
“Wolters Kluwer’s unique expertise and longstanding experience in the digital lending and loan compliance arenas provide lenders looking to embrace the digital journey the means to confidently advance their capabilities in a significant and substantive manner,” mentions Steve Meirink, executive vice president and general manager of Wolters Kluwer Compliance Solutions.
“Our eNote expert solution delivers immediate value in the loan origination process, yet another way in which lenders benefit from working with an experienced partner dedicated to their success,” Meirink adds. “With its focus on innovation in the mortgage space, Floify is a natural partner, and its platform makes for an excellent fit with our capabilities. We look forward to sharing the benefits of this technology collaboration across Floify’s broad customer audience.”
Photo by NordWood Themes on Unsplash
