Wolters Kluwer Compliance Solutions and Floify, a point-of-sale solution in the mortgage industry and subsidiary of Porch Group, Inc., are collaborating to integrate Wolters Kluwer eNote technology into Floify’s loan processing system through a hybrid eClosing process. This will provide Floify customers a digital eClosing capability, allowing a digital signature over the traditional wet-signing approach.
The agreement also allows Floify to leverage Wolters Kluwer’s ability to create and execute an eNote, then manage the asset via Wolters Kluwer’s digital mortgage solution that includes eVault.
“We’re excited to be partnering with Wolters Kluwer and are now one step closer to offering full eClosings,” Floify CEO Dave Sims said in a release. “We’re continuously adapting and growing our platform to serve the ever-changing needs of our customers. Integrating the eOriginal eNote technology and digitizing the mortgage process allows us to provide mortgage solutions that reduce time and fees throughout the process.”
With the integrated eOriginal eNote and eVault technology, loan originators using Encompass, Floify's hybrid eClosing, and Floify eSign product will be able to allow borrowers to sign an eNote in the execution of loan documentation.
Before eNote verification technology, all loan paperwork was required to be wet-signed, increasing the lag time from loan generation to execution. The digitization of loan paperwork expedites the signature process.
“Wolters Kluwer’s unique expertise and longstanding experience in the digital lending and loan compliance arenas provide lenders looking to embrace the digital journey the means to confidently advance their capabilities in a significant and substantive manner,” Wolters Kluwer Executive Vice President and General Manager Steve Meirink said. “Our eNote expert solution delivers immediate value in the loan origination process, yet another way in which lenders benefit from working with an experienced partner dedicated to their success. With its focus on innovation in the mortgage space, Floify is a natural partner, and its platform makes for an excellent fit with our capabilities. We look forward to sharing the benefits of this technology collaboration across Floify’s broad customer audience.”