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Compliance

Wolters Kluwer Creates Indirect Lending Business Unit

June 17, 2009

MINNEAPOLIS — Wolters Kluwer Financial Services has formed an indirect lending business unit to expand its reach across the broader indirect lending market.

Over the past two years, Wolters Kluwer has been focused on expanding its customizable compliance tools, services and partnerships in the indirect lending space, as well as offering more compliance solutions to marine and RV dealers, and the lenders that serve them.

The creation of a dedicated indirect lending group aligns all of Wolters Kluwer’s indirect lending offerings within one business unit. These offerings include:

• AppOne – A process patent-pending technology that automates indirect lending, credit approval and compliance processes for auto, marine and RV dealers and lenders.

• CompliSource – A solution comprised of modules containing comprehensive information about the current laws and pending legislation related to specific areas of indirect lending.

• DMSOne – A Web-based dealership management system and portal specifically designed for independent auto dealers.

• DocOne – A document printing engine and compliance validation tool that makes the finance process easier for dealers by providing data merging and population of compliant forms.

• Electronic and paper contracts – A complete selection of forms and documents that support the financing of motor vehicles and goods and services, such as watercraft, recreational vehicles and major appliances.

• RefundOne – A patent-pending, integrated credit application and tax preparation service tailored to meet the needs of the automotive dealership market.

Wolters Kluwer has named Lee Domingue as CEO of indirect lending. His team will include Brad Fleener, director of product development; Chris Herndon, chief operations officer; Kevin Kopp, director of market management; Param Ramakrishnan, chief technology officer; and Daniel Willis, lender development manager.

“There is great need in the indirect lending market for tools that can simplify the various aspects of regulatory compliance—particularly in the current marketplace where many businesses are required to do more with less resources,” said Ken Newton, executive vice president of banking at Wolters Kluwer. “The creation of this business unit will enable increased focus to deliver the right compliance and risk management solutions for customers.”

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