Wolters Kluwer Financial Services Introduces Disclosure Manager

March 13, 2008

MINNEAPOLIS--Wolters Kluwer Financial Services announced today the launch of Disclosure Manager™, a robust automated solution designed to replace a lender’s cumbersome paper-based home loan disclosure process.

Disclosure Manager is unique in that the solution allows lenders to automate the entire initial loan disclosure process, from document creation to the secure electronic delivery of documents to borrowers for eConsent or eSignature. In addition, Disclosure Manager allows lenders to completely and securely outsource the printing and mailing of paper disclosures when needed or requested by the borrower through Wolters Kluwer Financial Services’ SAS70-certified mail fulfillment center. The solution is also highly-configurable, allowing lenders to take advantage of all of its functionalities or just certain ones as needed depending on lenders’ specific work flow needs.

Utilizing Disclosure Manager helps lenders more efficiently comply with regulatory requirements while originating loans faster, reducing operational costs and improving the overall borrower experience. Lenders can significantly lower the number of full-time employees working on the disclosure process and move them to revenue-generating activities instead. Through secure electronic delivery of disclosures, lenders also realize dramatic cost-savings in the form of reduced printing, handling and mailing costs. By using Disclosure Manager’s secure electronic delivery feature, lenders can deliver disclosures to borrowers in a matter of minutes versus days. Borrowers are given the option of immediately offering eConsent or eSigning the disclosure, speeding up their time to closing and locking them in more quickly as a customer for the lender. Secure electronic delivery also provides lenders with a complete and verifiable audit trail to prove to regulators that required disclosures were sent to the borrower within 72 hours of application, as required by the Real Estate Settlement Procedures Act (RESPA).

When a customer chooses to opt-out of electronic delivery or does not respond to the electronic delivery request within the required timeframes and printed disclosure packages are necessary, the e-delivery mechanism sends the document packages to a secure and SAS70-certified print fulfillment center at Wolters Kluwer Financial Services’ operations center, where the packages are printed and mailed to borrowers.

Proof of the mailed package is then returned back to the lender’s LOS for RESPA compliance and reporting.For more information on Wolters Kluwer Financial Services’ Disclosure Manager solution, please visit www.WoltersKluwerFS.com/DisclosureManager.

Source: Wolters Kluwer Financial Services

Contact ALTA at 202-296-3671 or [email protected].