Wolters Kluwer Financial Services to Help Mortgage Servicers Implement Loan Modification Programs

Leader In Doc Prep And Compliant Content Offers Servicers Standardized Loan Modification Agreements And Packages That Can Be Customized To Meet Specific Business Needs

MINNEAPOLIS, Dec. 12 /PRNewswire/ — Wolters Kluwer Financial Services announced today the company can now help mortgage servicers modify distressed subprime borrowers’ adjustable rate mortgages (ARMs) to make payments more affordable and avoid costly foreclosures.

In addition to displacing a homeowner, a typical foreclosure can result in up to $80,000 in losses for the homeowner, lender, local government and neighbors whose homes fall in value, according to an April 2007 report from Congress’ Joint Economic Committee. With approximately 1.5 million subprime ARMs expected to reset to higher interest rates in 2008, there is a need for servicers to swiftly implement loan modification programs.

Wolters Kluwer Financial Services helps servicers make such modifications rapidly through a standard yet customizable set of documents and packages that enable servicers to freeze the interest rate of their borrowers' existing ARMs for a specified period or modify those ARMs to fixed-rate or interest-only fixed-rate loans.

Wolters Kluwer Financial Services can help servicers quickly implement loan modification programs that are compliant with current legislative or investor requirements, and the company's robust change management capabilities ensure rapid implementation of any new or updated requirements. The company can provide secure electronic delivery of completed document packages to borrowers and all other involved parties. The secure electronic delivery option allows the servicer to send and receive messages and can provide eSign capabilities for the borrower’s acceptance.

“Lenders have trusted Wolters Kluwer Financial Services, through its Desert Document Services, VMP Mortgage Solutions and PCi brands for industry leading compliance for decades,” said Jason Marx, general manager, Mortgage, Wolters Kluwer Financial Services. “Servicers can be confident our loan modification solutions will help them rapidly set up new loan terms for their borrowers and that any forthcoming regulatory or investor requirements will be quickly implemented to ensure on-going compliance.”

To learn more about Wolters Kluwer Financial Services loan modification solutions, please call 1-800-726-9898, extension 3.

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(R) Mortgage Solutions, PCi, GulfPak, Desert Document Services, AppOne(R) GainsKeeper(R), CCH(R) Capital Changes, NILS INSource(R), AuthenticWeb(TM) and CCH Wall Street(R).

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 http://www.WoltersKluwerFS.com.

Wolters Kluwer is a leading global information services and publishing company. The company provides products and services for professionals in the health, tax, accounting, corporate, financial services, legal and regulatory sectors. Wolters Kluwer has annual revenues (2006) of euro 3.4 billion ($4.3 billion), employs approximately 18,450 people worldwide, and maintains operations across Europe, North America, and Asia Pacific. Wolters Kluwer is headquartered in Amsterdam, the Netherlands. Its shares are quoted on the Euronext Amsterdam (WKL) and are included in the AEX and Euronext 100 indices. For more information, visit http://www.wolterskluwer.com.

SOURCE Wolters Kluwer Financial Services

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