The First American Corp. has expanded its technology offerings to help mortgage lenders and settlement agents further streamline the closing process with the launch of Closing Collaboration Tools, the company said Tuesday.
The new technology is an integrated set of capabilities that enable data and documents to be shared electronically between lenders and settlement agents throughout the closing process, reducing the cost and time now associated with pre- and post-closing activities and increasing accuracy.
CCT includes three core components:
- Data Quality Services help build accuracy into the process via automated, rules-based comparisons and integrated workflow capabilities that enable lenders and settlement agents to share and validate data electronically, reducing the need for costly and error-prone manual checks and rework.
- Document Exchange Service enables lenders and settlement agents to share documents (including the HUD-1) with each other and borrowers prior to closing.
- ESign Service enables loan documents to be electronically signed, providing greater convenience for customers and allowing the note to be registered and delivered electronically to investors who support electronic mortgages.
The CCT pilot was initially developed through a collaboration that included Fannie Mae, lenders, title companies, settlement agents and industry groups to facilitate the creation of eMortgages.
According to Molly McCormack, associate vice president at Navy Federal Credit Union, the new technology enables a cost savings of $240 per loan for every electronic closing. Navy Federal Credit Union is a federally charted credit union that has used the technology.
First American will integrate CCT into its Web Services platform during the first quarter of 2006, while maintaining CCT’s open market capabilities to ensure compatibility with all types of loans, investors and settlement technology and business service providers.
First American operations include: title insurance and services, specialty insurance, mortgage information, property information, credit information and screening information.
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