Vanceo™ Mortgage, an automated loan processing system offered by Wolters Kluwer’s Compliance Solutions business, has earned two major industry awards from HousingWire and MReport magazines. MReport selected Wolters Kluwer as a winner of its Top 25 Fintech Innovators 2020 Award for Vanceo Mortgage, while the solution also achieved recognition for innovation in the eighth annual HW Tech 100 Mortgage Awards. These accolades mark the 10th and 11th major industry recognitions for Vanceo, which was launched in late 2018.
Vanceo was designed with the input of smaller community bank and credit union lenders to help reduce manual processes many smaller lenders still use in managing loan originations. The offering provides a task-oriented, automated approach that is updated in real time, enabling loan officers to provide the customer with up-to-the minute status on their loan, electronically delivered, a capability welcomed by lenders and borrowers alike.
“Since we incorporated Vanceo Mortgage into our systems, it has performed exactly as advertised. The technology is helping us address our regulatory compliance requirements, and the technical support delivered has been incredibly responsive,” notes Jim Handley, Chief Credit Officer with Sunlight Federal Credit Union. “One of the greatest benefits of this technology has been having a better understanding of all of our branch locations’ lending activities, metrics on how they are performing, and validation that they are compliant in those processes.”
Designed with significant input from community and regional-sized institutions, Vanceo is helping lenders effectively manage the myriad elements of loan transactions. It features a defined, automated process that provides real-time transparency to loan origination details, identifying roles for the many individuals and lines of businesses that touch a loan, providing greater transparency and ease of use throughout the lifecycle of a loan origination.
“The level of automated, real-time transparency that Vanceo provides into the status of transactions is unique among banking technologies currently in the market and, to that end, is on the disruptive side of banking product innovations,” notes Steve Meirink, Executive Vice President and General Manager for Wolters Kluwer Compliance Solutions. “These industry recognitions only reinforce what lenders are telling us in how Vanceo is helping enhance their loan transaction speed and efficiency, ultimately providing a better experience for their end customers.”
Wolters Kluwer Compliance Solutions, part of the company’s Governance, Risk & Compliance division, is a market leader and trusted provider of risk management and regulatory compliance solutions and services to U.S. banks and credit unions, insurers and securities firms. The business helps these financial institutions efficiently manage compliance obligations tied to loan and deposit origination transactions and workflows, manage risk and other regulatory compliance obligations, and gain the insights needed to focus on better serving their customers and growing their business.