Financial services firm Wolters Kluwer Compliance Solutions and mortgage industry point-of-sale (POS) solution Floify have teamed up to use the Wolters Kluwer’s eOriginal product suite, according to a Friday (Jan. 21) press release.
The two companies are integrating Wolters Kluwer eOriginal’s digital promissory note (eNote) technology into Floify’s loan processing system through a hybrid eClosing process, giving Floify customers a digital eClosing capability for digital signatures, the release stated.
The collaboration also lets Floify leverage Wolters Kluwer’s ability to create and execute an eNote, then manage the asset on Wolters Kluwer’s digital mortgage solution that includes eVault to digitally process loan documents, according to the release.
Using the integrated eOriginal eNote and eVault technology within Floify’s ecosystem, loan originators using Encompass, Floify’s Hybrid eClosing, and Floify eSign product will let borrowers sign an eNote to execute the loan documents, the release stated.
“We’re … now one step closer to offering full eClosings,” said Floify CEO Dave Sims in the release. “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.”
Wolters Kluwer eOriginal technology creates, transfers and maintains eNote in an eVault, stored with a tamper-evident seal, according to the release. The technology registers all signed documentation with the MERS eRegistry to create an audit trail for use in court, if necessary.
“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,” said Wolters Kluwer Compliance Solutions Executive Vice President and General Manager Steve Meirink in the release.
In December 2020, Wolters Kluwer acquired digital lending software provider eOriginal for 231 million euros (about $280 million at the time).