Mortgage Lenders and Borrowers Get Simple Closing

Wolters Kluwer Financial Services Helps Mortgage Lenders and Borrowers Simplify the Closing Process

U.S. Patent-Pending Process behind Wolters Kluwer Financial Services Simplified Mortgage Saves Lenders Money and Improves Overall Borrower Experience

MINNEAPOLIS--March 17, 2008--Wolters Kluwer Financial Services announced today the launch of a revolutionary new mortgage document solution, the Wolters Kluwer Financial Services Simplified MortgageT. The solution will help lenders and borrowers make the closing process for first mortgage and home equity loans simpler, faster and more affordable while complying with all federal and state regulatory requirements.

Through a U.S. patent-pending business process, the Wolters Kluwer Financial Services Simplified Mortgage permits the current recordable mortgage document to be split 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 fully comply with the recording requirements of each state. The second piece is a non-recordable supplement that outlines a loan's standard covenants between the lender and borrower.

Lenders have traditionally recorded the entire mortgage document, which typically stretches beyond a dozen pages. By only submitting the recordable instrument using the Wolters Kluwer Financial Services Simplified Mortgage, lenders and borrowers may realize immediate and dramatic cost savings in those states where recordation fees are based on the number of pages recorded.

The non-recordable supplement introduces work flow flexibility as lenders may choose to present the supplement to borrowers at application or prior to closing to inform them of their responsibilities related to the loan and the secured property. The borrower experience is greatly improved as this helps to make the actual closing process faster and less complicated.

The solution further improves the borrower's closing experience by making the recordable instrument and supplement easier to read and understand. The compliance experts at Wolters Kluwer Financial Services built the mortgage content in plain language within both the recordable instrument and the non-recordable supplement while ensuring adherence to regulatory requirements in all 51 U.S. jurisdictions.

"In today's competitive market, lenders are continually seeking innovative ways to bring greater efficiency to the closing process and reduce costs, making home ownership more affordable" said Jason Marx, vice president and general manager, Mortgage, Wolters Kluwer Financial Services. " Lenders understand the importance of remaining focused on the borrower and their needs. The Wolters Kluwer Financial Services Simplified Mortgage helps lenders achieve both goals by streamlining the closing process, reducing costs and improving the closing experience."

For more information on the Wolters Kluwer Financial Services Simplified Mortgage, please visit www.WoltersKluwerFS.com/Simplified

About Wolters Kluwer Financial Services

Wolters Kluwer Financial Services provides best-in-class compliance, content, and technology solutions and services that help financial organizations manage risk and improve efficiency and effectiveness across their enterprise. The organization's prominent brands include Bankers Systems, VMP® Mortgage Solutions, PCi, GulfPak, Desert Document Services, AppOne® GainsKeeper®, CCH® Capital Changes, NILS INSource®, AuthenticWebT and CCH Wall Street®.

Wolters Kluwer Financial Services' solutions include integrated and stand-alone compliance and work flow tools, documentation, analytics, authoritative information, and professional services. Customers include banks, credit unions, mortgage lenders, and securities and insurance organizations of all sizes throughout the United States. For more information on Wolters Kluwer Financial Services, visit www.WoltersKluwerFS.com.

Wolters Kluwer is a leading global information services and publishing company. The company provides products and services globally for professionals in the health, tax, accounting, corporate, financial services, legal, and regulatory sectors. Wolters Kluwer has annual revenues (2007) of ?3.4 billion ($4.8 billion), maintains operations in over 33 countries across Europe, North America, and Asia Pacific and employs approximately 19,544 people worldwide. Wolters Kluwer is headquartered in Amsterdam, the Netherlands. Visit www.wolterskluwer.com for information about our market positions, customers, brands, and organization.

Contacts

Wolters Kluwer Financial Services
Jennifer Marso, 612-852-7912
Director of Corporate Communications
Jennifer.marso@wolterskluwer.com
or
Chuck Miller, 320-240-5457
Senior Public Relations Specialist
Charles.miller@wolterskluwer.com