New Functionality Enables Lenders to Deliver Online Loan Applications to Consumers
Online Applications (OLA) empowers community banks to provide a new digital sales channel to reach new customers, and to grow loan volume, all without the overhead of additional branches. OLA enables lenders to accept applications without requiring customers to physically enter a branch. Completion of applications online vastly reduces lenders’ manual data entry, cuts overhead and streamlines lending processes.
The module offers enhanced functionality for lenders when combined with ComplianceOne, an industry-leading loan origination and processing system that helps lenders optimize their loan and document preparation processes in a secure, fast, and cost-effective manner.
OLA also offers these advantages when combined with Vanceo Mortgage, a loan processing and origination workflow tool that helps lenders enhance their loan origination processes. Vanceo was launched in October 2018 and is designed to assign role-based tasks and enhance visibility for an institution’s mortgage lending operations and compliance management.
“Online Applications is our flagship product commitment in providing community banks with best-in-class digital solutions,” says Samir Agarwal, Vice President, Wolters Kluwer Governance, Risk & Compliance Banking Solutions. “This innovative offering enables community banks to foster growth at their own pace, meet consumer demands for more convenience, and help level the market competition with larger asset-sized institutions.”
Wolters Kluwer Compliance Solutions, part of the company’s Governance, Risk & Compliance division, is a market leader and trusted provider of regulatory compliance solutions and services to more than 2,000 U.S. banks. The business helps these financial institutions efficiently manage compliance obligations tied to loan and deposit origination transactions and workflows, and gain the insights needed to focus on better serving their customers and growing their business.
About Wolters Kluwer Governance, Risk & Compliance
Governance, Risk & Compliance (GRC) is a division of Wolters Kluwer, which provides legal and banking professionals with solutions to ensure compliance with ever-changing regulatory and legal obligations, manage risk, increase efficiency, and produce better business outcomes. GRC offers a portfolio of technology-enabled expert services and solutions focused on legal entity compliance, legal operations management, banking product compliance, and banking regulatory compliance.
Wolters Kluwer N.V. (AEX: WKL) is a global leader in information services and solutions for professionals in the health, tax and accounting, risk and compliance, finance and legal sectors. Wolters Kluwer reported 2017 annual revenues of €4.4 billion. The company, headquartered in Alphen aan den Rijn, the Netherlands, serves customers in over 180 countries, maintains operations in over 40 countries and employs 19,000 people worldwide.
