MINNEAPOLIS – Wolters Kluwer Financial Services yesterday rolled out a new mortgage document system that will help lenders and borrowers make the closing process for first mortgages and home equity loans simpler, faster and cheaper.
The company is seeking a U.S. Patent for its Simplified Mortgage solution, which splits the current recordable mortgage document into two content pieces. The first piece is a two- to three-page recordable instrument that contains all information required to create a valid lien and to comply with recording requirements in each state. The second piece is a non-recordable supplement that outlines a loan’s standard covenants between lender and borrower.
Lenders traditionally have recorded the entire mortgage document, even if state law does not require it. The new system allows lenders to save expenses by recording only the required documentation.
