Wolters Kluwer Financial Services announced today that select lenders will begin to use bilingual mortgage documents and educational brochures developed through a joint initiative with Freddie Mac. These tools, in English and Spanish, are designed to assist lenders to increase homeownership among the Spanish-speaking community by reducing the communication barriers that exist in understanding the mortgage process.

Some of the early adopters include New York-based Home Funding Finders and Florida-based Eastern Financial Credit Union.

Dynatek, a Wolters Kluwer Financial Services LOS partner and the first technology provider to take advantage of this opportunity, will also be participating by providing its lender base with the bilingual mortgage documents in the near future. The company is currently in the process of mapping data to the hundreds of fields that are a part of these documents. Upon completion, participants will be able to immediately begin using the bilingual documents and educational materials for conventional mortgage programs. The mortgage documents, which were created by Wolters Kluwer Financial Services' VMP Mortgage Solutions brand in collaboration with Freddie Mac, include origination and closing documents in a bilingual format. With the mortgage documents, Home Funding Finders and Eastern Financial Florida Credit Union will use bilingual consumer education brochure series to help them explain the mortgage process and some of the documents that they will encounter along the way that their customer -- the homebuyer -- will be signing.

The brochure series presents a step-by-step approach to the mortgage lending process. The educational materials, "A Home Buyer's Guide to the Mortgage Process and Paperwork," use some content from Freddie Mac's award-winning CreditSmart Espanol consumer financial literacy curriculum. They are designed to help consumers better understand the mortgage process, and their rights and responsibilities. Each of the educational pieces contains corresponding English and Spanish text to allow speakers of either language follow the information. The educational brochures will be completed in mid-2006.

"Homeownership is the largest source of long-term wealth for many families, and the path to owning a home begins with understanding the mortgage process," said Tricia McClung, vice president of Freddie Mac. "Bilingual documents and educational materials are a critical step in helping these families become homeowners. We are working with lenders to help them increase homeownership among the fastest growing segment of the population -- Hispanic/Latino families."

"Buying a home is one of the most significant decisions a family can make, and the process can be daunting, especially for first-time homebuyers. That's why it's so important for homebuyers to be fully informed and to understand their rights and responsibilities," said John Bryant, senior vice president of banking for Wolters Kluwer Financial Services. "We are proud to give lenders the tools they need to educate their Spanish-speaking customers on the process and to help ensure that their customers feel more confident about the process."

About Wolters Kluwer Financial Services

Wolters Kluwer Financial Services, a market leader and strategic customer unit of Wolters Kluwer, provides best-in-class compliance, credit, and operational risk management and work flow services and solutions; as well as capital changes and corporate actions data and tools to banks, credit unions, mortgage companies, securities organizations, and insurance companies throughout the United States. Its well-known brands include Bankers Systems, Atchley Systems, VMP Mortgage Solutions, PCi Corporation, GainsKeeper, AuthenticWeb, NILS INSource, Uniform Forms, and CCH Capital Changes. The organization's solutions include documentation and documentation platforms; analytics; regulations and statutes tools; and capital changes and corporate actions services-all focused on helping its customers manage risk while becoming more efficient, productive, and responsive. For more information on Wolters Kluwer Financial Services, visit http://www.WoltersKluwerFS.com .

Wolters Kluwer is a leading multinational publisher and information services company. The company's core markets are spread across the health, corporate services, financial services, tax, accounting, law, regulatory, and education sectors. Wolters Kluwer has annual revenues (2004) of euro 3.3 billion, employs approximately 18,400 people worldwide, and maintains operations across Europe, North America, and Asia Pacific. Wolters Kluwer is headquartered in Amsterdam, the Netherlands. Its depositary receipts of shares are quoted on the Euronext Amsterdam (WKL) and are included in the AEX and Euronext 100 indices.

About Freddie Mac

Freddie Mac is a stockholder-owned company established by Congress in 1970 to support homeownership and rental housing. Freddie Mac fulfills its mission by purchasing residential mortgages and mortgage-related securities, which it finances primarily by issuing mortgage-related securities and debt instruments in the capital markets. Over the years, Freddie Mac has made home possible for one in six homebuyers in America. More information can be found at http://www.freddiemac.com .

About Dynatek

Founded in 1986, Dynatek has been revolutionizing mortgage automation for retail and wholesale lenders for nearly 2 decades. Dynatek's MORvision is a flexible solution that automates everything from point-of-sale and web origination through processing, underwriting, closing, secondary tracking and delivery. Dynatek is attributed with a long list of industry innovations including their award-winning Plug-In Partner Network and unique Control Center, which offers capabilities for eMortgage, business process management, and multi-client support. For more information on Dynatek or to schedule a live demonstration, call 800.462.5545 or log on to http://www.dynatek.com .

Source: prnewswire