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Editorial Advisory Board

  • Professor Andrea M. Armani, University of Southern California
  • Ruti Ben-Shlomi, Ph.D., LightSolver
  • James Butler, Ph.D., Hamamatsu
  • Natalie Fardian-Melamed, Ph.D., Columbia University
  • Justin Sigley, Ph.D., AmeriCOM
  • Professor Birgit Stiller, Max Planck Institute for the Science of Light, and Leibniz University of Hannover
  • Professor Stephen Sweeney, University of Glasgow
  • Mohan Wang, Ph.D., University of Oxford
  • Professor Xuchen Wang, Harbin Engineering University
  • Professor Stefan Witte, Delft University of Technology

Wolters Kluwer Compliance Solutions shares digital lending adoption insights

Lower costs per loan, higher efficiencies rank high in selecting digital technology

While the adoption of digital technologies like eNotes and eClosings has recently slowed given rising interest rates and the U.S. mortgage market’s overall deceleration, lenders continue to show considerable interest in evaluating and purchasing mortgage closing platforms that will enhance their capabilities.

That’s according to a senior regulatory compliance expert for Wolters Kluwer Compliance Solutions.

“There’s no question that cost and margins are top of mind with our customers, and using eNotes addresses both of these concerns,” says Kevin Wilzbach, director, product management at Wolters Kluwer Compliance Solutions, in a HousingWire interview, “Taking the Pulse on eNotes,” on the state of digital technology adoption and the future of eNotes. “But eClosings also mitigate risk and support a focus on improved customer experience,” he says.

Wilzbach notes that a number of the country’s largest lenders are increasingly embracing digital, having seen the value of digital closings in their refinance options over the past several years, with increased pick up of solutions that support digital home equity lending. Those decisions, he says, are swaying prospects that are viewing digital in the context of cost per loan—as well as evidence of ROI, key to helping lenders sell these projects to their management.

“At the end of the day, institutions know that eClosings and eNotes are the future. I think the painful experience of downsizing has probably convinced them that when the next cycle comes, they will need to scale to meet it using technology and not by another hiring boom,” Wilzbach says. “Just as importantly, we must recognize that the move to digital lending is a journey, not a sprint. While a full, digital mortgage closing with an eNote may be the ultimate goal of lenders, providers must recognize that not all lenders are closing in the same way today.”

He points to a recent snapshot survey conducted by Wolters Kluwer in which 138 lenders were asked why they weren’t fully digital. While 15% of respondents cited budget concerns, more than 60% said they hadn’t found the right solution, the right provider or they weren’t sure of the value.

“Simplifying the closing process through electronic signing, in general and in pre-signing specific documents in advance of the formal closing, is critical to an enhanced customer experience,” Wilzbach concludes.

About Wolters Kluwer

Wolters Kluwer (EURONEXT: WKL) is a global leader in professional information, software solutions, and services for the healthcare, tax and accounting, financial and corporate compliance, legal and regulatory, and corporate performance and ESG 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 2022 annual revenues of €5.5 billion. The group serves customers in over 180 countries, maintains operations in over 40 countries, and employs approximately 20,000 people worldwide. The company is headquartered in Alphen aan den Rijn, the Netherlands.

For more information, visit www.wolterskluwer.com, follow us on LinkedIn, Twitter, Facebook, and YouTube.

Contacts

Media Contacts for Wolters Kluwer Financial & Corporate Compliance division:

(Wolters Kluwer Compliance Solutions and Wolters Kluwer CT Corporation)

Paul Lyon

Senior Director, External Communications

Global Branding & Communications

Wolters Kluwer

Office +44 20 3197 6586

Paul.Lyon@wolterskluwer.com

David Feider

Corporate Communications Manager, Banking & Regulatory Compliance

Wolters Kluwer

Tel: +1 612-852-7966

David.Feider@wolterskluwer.com

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