Minneapolis-headquartered Wolters Kluwer Financial Services has launched a new mortgage document solution, the Wolters Kluwer Financial Services Simplified Mortgage. The solution is intended to help lenders and borrowers make the closing process for first-mortgage and home-equity loans simpler, faster and more affordable while complying with all federal and state regulatory requirements.
Through a U.S. patent-pending business process, the Wolters Kluwer Financial Services Simplified Mortgage permits the current recordable mortgage document to be split into two content pieces: The first piece is a two- to three-page recordable instrument that contains all information required to create a valid lien and fully comply with the recording requirements of each state. The second piece is a non-recordable supplement that outlines a loan's standard covenants between the lender and borrower.
By only submitting the recordable instrument using the Wolters Kluwer Financial Services Simplified Mortgage, lenders and borrowers may realize immediate and dramatic cost savings in those states where recordation fees are based on the number of pages recorded, the company says.