Wolters Kluwer Financial Services examined nearly 700 financial institutions
Ninety-eight percent of the nearly 700 financial institutions responding to a recent Wolters Kluwer Financial Services survey conducted in August 2008 say they are offering their customers commercial loans, including both commercial real estate and commercial and industrial loans. On average, commercial loans represented just under half of respondents’ loan portfolios (46 percent).
“While those numbers may have changed because of recent credit market conditions, they do illustrate the overall importance of commercial lending as a line of business for financial institutions and as a significant percentage of their loan portfolios,” said Ken Newton, executive vice president of Banking for Wolters Kluwer Financial Services.
The survey results also showed 7 of 10 respondents used a software solution to document commercial loans while 40 percent were using an outside service, including those provided by attorneys, to do so. Newton says one of the main reasons financial institutions are implementing new technology to document commercial loans is the numerous benefits automation presents. These include lower cost and faster documentation as well as more thorough compliance with an increasingly-complex set of regulatory requirements.
Wolters Kluwer Financial Services offers financial institutions a complete line of software solutions for documenting commercial loans depending upon their own specific business needs, including ComplianceOne, the Medici Commercial Lending Documentation System and TSoft SBA FormMaster+.
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®, Capital Changes, NILS and AuthenticWeb™.
Wolters Kluwer Financial Services’ solutions include integrated and stand-alone compliance and workflow 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 19,500 people worldwide. Wolters Kluwer is headquartered in Amsterdam, the Netherlands. Visit www.WoltersKluwer.com for information about our market positions, customers, brands and organization.