Wolters Kluwer launches OmniVault for Real Estate Finance technology solution

By Joy Dumasia

Wolters Kluwer Compliance Solutions has 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 more than 20 years of proven success and supports 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. 

Steven Meirink, Executive Vice President and General Manager, Wolters Kluwer Compliance Solutions, said: “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. 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 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 paired with an easy-to-use software solution. Compliance Solutions’ iLien Motor Vehicle provides the processing and management of motor vehicle titles and liens, helping solve the most unique and complicated challenges in title perfection. Meanwhile, Wolters Kluwer Finance, Risk & Regulatory Reporting (FRR) 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.