Wolters Kluwer Launches OmniVault for Real Estate Finance

Rhea-AI Summary

Wolters Kluwer Compliance Solutions has launched OmniVault for Real Estate Finance, a digital platform enabling institutions to manage digital HELOCs and eMortgages. As interest rates rise, this technology supports banks and credit unions in growing home equity lending. The solution establishes verifiable ownership of HELOCs through its Digital Original feature, enhancing transferability and securitization. The platform promises rapid implementation, allowing lenders to start within two weeks. With over $164 billion in Asset Backed Securities securitizations, it positions Wolters Kluwer as a leader in the evolving digital asset market.

Positive

• Launch of OmniVault for Real Estate Finance enhances digital asset management for HELOCs.
• Rapid Deployment Solution allows lenders to implement the platform within two weeks.
• Wolters Kluwer's technology supports over $164 billion in asset-backed securitizations.

Negative

• None.

eVault solution enables clients to manage digital HELOCs and eMortgages on a single platform

MINNEAPOLIS--(BUSINESS WIRE)-- Wolters Kluwer Compliance Solutions has today launched its OmniVault for Real Estate Finance solution. OmniVault for Real Estate Finance uses the company’s industry-leading, multi-award winning eVault technology to support digital home equity lending, both HELOCs and home equity loans, in addition to already supported conventional, U.S. government and jumbo first mortgages.

Banks and credit unions are stepping up their efforts to grow their home equity businesses now that interest rate increases have made cash-out-refinancing less attractive to millions of U.S.-based homeowners. Wolters Kluwer’s technology enables these institutions to originate digital HELOCs as a Digital Original^®, rather than just a PDF or a paper document. When a HELOC is created within the OmniVault for Real Estate Finance offering, it establishes the Digital Original^® of the HELOC, ensuring verifiable ownership and control, and enabling the sale, transferability, pledging, syndication and securitization of these digital assets. The offering includes a digitally sealed audit trail providing an irrefutable chain of custody and evidence for the digital assets. Wolters Kluwer’s proprietary technology has over 20 years of proven success and supports both Mortgage Electronic Registrations Systems (MERS^®) and non-MERS^® eRegistry transactions.

Like Wolters Kluwer mortgage eNotes, digital HELOCs can be stored, managed and easily transferred in and out of an eVault on a single platform. The OmniVault Real Estate Finance solution provides clients with the same user experience and visibility across all asset classes. With Wolters Kluwer’s Rapid Deployment Solution (RDS), lenders can be using its platform for HELOCs within two weeks.

“Banks, credit unions and, to some extent, mortgage banks are focusing on home equity lending, with mortgage refinances down and homeowners having high home equity gains over recent years,” said Steven Meirink, Executive Vice President and General Manager, Wolters Kluwer Compliance Solutions. “Being able to offer digital HELOCs will help lenders differentiate their customer experience, while our OmniVault will give institutions simple, consistent ways to originate and manage digital real estate assets across their organizations. Many of the largest financial institutions are already Wolters Kluwer eOriginal clients, so leveraging OmniVault by adding digital HELOCs can easily be done under their current MSAs.”

Simon Moir, Vice President and Segment Leader, GRC Banking Compliance, Wolters Kluwer Compliance Solutions, added: “Today, most HELOCs are held on balance sheets, but there are early signs that a secondary market is developing for these products. If this comes to fruition, the ability to quickly move digital assets to investors or into securities will take on greater importance. Wolters Kluwer’s technology has already been used in more than 456 Asset Backed Securities (ABS) securitizations valued at over $164 billion and is firmly embedded in the ABS and Residential Mortgage-Backed Securities (RMBS) ecosystems.”

Wolters Kluwer Compliance Solutions is a market leader and trusted provider of risk management and regulatory compliance solutions and services to U.S. insurers, banks, credit unions and securities firms. The business, which sits within Wolters Kluwer’s Governance, Risk & Compliance (GRC) division, helps these financial institutions efficiently manage risk and regulatory compliance obligations, and gain the insights needed to focus on better serving their customers and growing their business.

Wolters Kluwer’s GRC division provides an array of expert solutions to help financial institutions manage regulatory and risk obligations. Wolters Kluwer Compliance Solutions’ OneSumX^® for Regulatory Change Management tracks regulatory changes and organizes them to create structured, value-added content through a single data feed that is paired with an easy-to-use software solution. Compliance Solutions’ iLien Motor Vehicle provides for the processing and management of motor vehicle titles and liens, helping solve the most unique and complicated challenges in title perfection. Wolters Kluwer Finance, Risk & Regulatory Reporting (FRR), meanwhile, is a global market leader in the provision of integrated regulatory compliance and reporting solutions. The division’s legal solutions businesses are Wolters Kluwer CT Corporation and Wolters Kluwer ELM Solutions.

About Wolters Kluwer Governance, Risk & Compliance

Governance, Risk & Compliance is a division of Wolters Kluwer, which provides legal and banking professionals with solutions to help ensure compliance with ever-changing regulatory and legal obligations, manage risk, increase efficiency, and produce better business outcomes. GRC offers a portfolio of technology-enabled expert services and solutions focused on legal entity compliance, legal operations management, banking product compliance, and banking regulatory compliance.

Wolters Kluwer (WKL) is a global leader in professional information, software solutions, and services for the healthcare; tax and accounting; governance, risk and compliance; and legal and regulatory sectors. We help our customers make critical decisions every day by providing expert solutions that combine deep domain knowledge with specialized technology and services. Wolters Kluwer reported 2021 annual revenues of €4.8 billion. The group serves customers in over 180 countries, maintains operations in over 40 countries, and employs approximately 19,800 people worldwide. The company is headquartered in Alphen aan den Rijn, the Netherlands.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220510005939/en/

Media Contacts for Wolters Kluwer GRC

(Including Wolters Kluwer Compliance Solutions; Wolters Kluwer Finance, Risk & Regulatory Reporting; Wolters Kluwer ELM Solutions, and Wolters Kluwer CT Corporation)

Paul Lyon

Senior Director, Global Corporate Communications: Global Marketing, Communications & Planning

Governance, Risk & Compliance Division

Wolters Kluwer

Office +44 20 3197 6586

Paul.Lyon@wolterskluwer.com

David Feider

Corporate Communications Manager, Banking & Regulatory Compliance

Governance, Risk & Compliance Division

Wolters Kluwer

Tel: +1 612-852-7966

David.Feider@wolterskluwer.com

Source: Wolters Kluwer

FAQ

What is the OmniVault for Real Estate Finance launched by WTKWY?

The OmniVault for Real Estate Finance is a digital platform that enables banks and credit unions to manage digital HELOCs and eMortgages efficiently.

How does the new solution impact lenders in the current market?

The solution allows lenders to offer digital HELOCs, improving customer experience as cash-out refinancing becomes less attractive.

What advantages does the Digital Original feature provide?

The Digital Original feature ensures verifiable ownership of HELOCs, facilitating their sale, transferability, and securitization.

What is the estimated value of securitizations supported by Wolters Kluwer's technology?

Wolters Kluwer's technology has been used in more than 456 securitizations valued at over $164 billion.

How quickly can lenders start using the OmniVault platform?

Lenders can implement the OmniVault platform for HELOCs within two weeks using Wolters Kluwer’s Rapid Deployment Solution.