MReport June 2020

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6 | M R EP O RT MTECH find the appropriate highlighted signature line, and click to sign. The eSign Room also allows borrowers or settlement agents who prefer to ink sign the note to print, ink sign, and upload the completed documents into the eSign Room, enabling lenders to maintain digitallydriven loan origination and closing processes. "With so many variances regarding digital mortgage ac- ceptance across investors, state regulators, and other levels, flexibility is a crucial element to any digital mortgage platform," Mackey added. "Solitude Solution was built to ensure that lenders have the latitude to execute their loans as digitally as possible so that they may reap the benefits of a digitally-driven process and provide consistent, reliable service to their borrowers and closing partners." Wolters Kluwer Assists Local Lenders PAYCHECK PROTECTION PROGRAM IS DESIGNED TO HELP BANKS, CREDIT UNIONS, AND SUPPORT SMALL BUSINESSES. W olters Kluwer Com- pliance Solutions has announced that its Paycheck Protection Program (PPP) Supported by TSoftPlus solution, designed to help banks, credit unions, and other local lenders support small businesses with payroll funding during the COVID-19 crisis, has recom- menced processing PPP loan applications under the replen- ished program funding, signed by President Trump. There is continued strong interest in the Wolters Kluwer solution, with hundreds of local lenders using the solution and some reporting as much as a 20-fold productivity gain through using the TSoftPlus functionality compared to securing PPP loans directly via the Small Business Administration (SBA) website. The impact of that effort is be- ing felt by local lenders nationally in helping small businesses retain employees and keep their busi- nesses afloat during the COVID-19 pandemic. North Star Community Credit Union, of Maddock, North Dakota, processed nearly 70 PPP loans using TSoftPlus software for the first round of funding. "The Wolters Kluwer TSoftPlus solution allowed us to continue our very deliberate, strategic, and proactive approach to help regional small businesses tap the CARES Act funds. We had already teed up several dozen more PPP loans applications in the systems in anticipation of a second round of funding that has now become available," said Bob Herrington, CEO for North Star Community Credit Union. "These funds are really making a differ- ence and making a huge impact for our members. Our experience using the TSoftPlus technology to process PPP loan applications has been truly positive." Wolters Kluwer data shows that during the first round of fund- ing, the company helped small businesses retain 500,000 jobs by enabling local lenders to support those communities in all 50 states. Notably, 80% of the loans it pro- cessed were for small businesses with 20 or fewer employees. "Previously, we didn't have much experience in applying for loans through the Small Business Administration, maybe one or two loans a year," says John Stellner, President of Hometown Community Bank in Cyrus, Minnesota. "But the opportunity to help area small businesses get this payroll funding was criti- cal so we used Wolters Kluwer's TSoftPlus technology to help speed the PPP loan applications. We have been successful in help- ing about two dozen businesses access emergency payroll funding, ranging from a sanitation vendor and auto repair shop to a café, a local golf course, and area farmers who have been impacted by the COVID-19 crisis." New users are able to access the solution with no upfront costs and can be processing loans within hours after signing up to meet the urgent needs of small businesses in their local com- munities. In fact, applications that were entered and queued in TSoftPlus after the program's initial funding ran out can be easily submitted by the solution as soon as the SBA starts to accept applications again. "This is a unique moment in our nation's history to help lever- age expert technology to expedite a speedy, efficient, and compliant process in accessing emergency funds for small businesses," said Steve Meirink, EVP and General Manager for Wolters Kluwer Compliance Solutions. "Local lenders rely on our technology and compliance expertise to get this support to tens of thousands of small businesses. It is making a real difference in people's lives and in supporting the nation's economy during these unprec- edented times." Wolters Kluwer Compliance Solutions is a market leader and trusted provider of risk manage- ment and regulatory compliance solutions and services to U.S. banks and credit unions, insurers, and securities firms. The business, which sits within Wolters Kluwer's Governance, Risk & Compliance (GRC) division, helps these finan- cial institutions efficiently manage compliance obligations tied to loan and deposit origination transac- tions 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. Paycheck Protection Program supported by TSoftPlus is one of several solutions launched by Wolters Kluwer's GRC division in response to the COVID-19 crisis, including the Business Entity Search for CARES Act solution, offered by Wolters Kluwer's Lien Solutions busi- ness, which conducts bulk/ batch corporate identity searches to verify the business status of potential borrowers. COVID-19 Noteworthy Developments Bulletins, meanwhile, aggregates COVID-19 related global regula- tory changes, orders, notices, and other informational updates for

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