WKFS Simplifies the Closing Package

Wolters Kluwer Financial Services has sought to make the closing process for first mortgage and home equity faster with its new Simplified Mortgage tool, which reduces the recordable mortgage document into two smaller, easier to understand pieces. At the MBA Tech Show WKFS pointed out that this application reduces the recordable instrument into a two- to three-page document that contains all information required to create a valid lien and fully compliant recording document based on each state's requirements. The second piece is a non-recordable supplement that outlines a loan's standard covenants between the lender and the borrower. This tool allows for a simpler closing in which less paper is required and a portion of the recordable instrument can be presented to the borrower online before the actual closing for e-signing.