Lenders First Choice, a national provider of settlement services and title insurance, now offers next day title service for most properties in the United States, allowing lenders to make faster underwriting decisions and to close transactions sooner.
The service uses integrations with title plants, cooperation with the company’s large national abstractor network, and 24-hour data entry services.
“In the current competitive marketplace where more lenders are going after fewer transactions, this service helps improve closing ratios as faster, more accurate decisioning leads to reduced loan fallout,” said Bill Moody, president of Lenders First Choice.
In a separate announcement, the company launched Lenders Easy Access Program, a service that integrates the company’s technology with lenders’ mortgage banking products to increase processing speed, add greater functionality and eliminate human error.
The new program allows lenders to integrate their mortgage origination systems with Lenders First Choice’s technology at any point in the transaction, allowing instant processing of orders, automatic data transfer between the systems and access to nationwide pricing data. The integration streamlines the time and costs associated with ordering and receiving title on each transaction, resulting in higher closing percentages and lower cancellation rates on loans.
LEAP makes title transactions transparent and helps loan processing run more quickly and smoothly. Lenders can choose to have title ordered and data sent automatically to Lenders First Choice, and the need for re-keying of data is eliminated. In addition, documents and data are secure and lenders gain online access to all title and closing documents.
The program also enables lenders to make Lenders First Choice’s nationwide fee, tax and pricing data available on their Web sites and to have that information automatically and directly populate an originator’s loan origination system.
Lenders First Choice is a member of the Mercury Family of Companies, and operates from centers in California and Texas.
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