Wolters Kluwer Financial Services has launched its Web-based OneFile mortgage processing solution, which the company says will help lenders replace the paper-based origination process.
A survey of more than 600 lenders in April by Wolters Kluwer Financial Services found 76% were still relying on a paper-based method to process mortgages. The top reasons for not implementing an electronic solution were concerns over the security of borrower data, high implementation costs and the potential impact to lending workflow.
Built in conjunction with mortgage lenders, OneFile offers a centralized source for loan documents, Wolters Kluwer Financial Services says. The solutionÂ allows lenders to create a single electronic loan file for each borrower, providing all parties involved in the origination process with simultaneous access to the file.