First Citizens Bank Mortgage Division Selects Wolters Kluwer Financial Services for Compliance Documentation
Minneapolis, MN - 21 September 2011
First Citizens Bank, a subsidiary of First Citizens BancShares Inc. (Nasdaq: FCNCA), announced its mortgage division has selected Wolters Kluwer Financial Services for its compliance documentation process.
First Citizens Bank is utilizing Wolters Kluwer Financial Services’ Document Services offering to electronically generate and deliver disclosures, closing documents and appraisals to borrowers for secure e-signature through the company’s SDX Secure Document Exchange. If paper documents are required, Wolters Kluwer Financial Services automatically prints and sends them to borrowers for approval through the company’s secure mail fulfillment center that has completed a SAS-70 review.
In addition, Wolters Kluwer Financial Services’ SDX service also helps First Citizens Bank with Real Estate Settlement and Procedures Act requirements by helping to ensure disclosures are sent to customers within 72 hours after application.
Mark Owens, group vice president of First Citizens Bank’s mortgage division, said the depth and breadth of Wolters Kluwer Financial Services’ product and service offering was an important factor in choosing to work with the company.
“We really benefit from working with one provider who can offer us the disclosures and documents we need for our business as well as the electronic and print options to deliver them,” Owens said.
He also noted the service and support First Citizens Bank receives from Wolters Kluwer Financial Services as a differentiator.
“Wolters Kluwer Financial Services is focused on making regulatory compliance an efficient and effective part of lenders’ workflows,” said Jason Marx, vice president and general manager of Residential and Indirect Lending for Wolters Kluwer Financial Services. “In doing so, we’re not only helping banks manage growth in a complex regulatory environment but also supporting their customers.”