Industry News

New real estate closing technology aims to streamline process

Future-Proof: Navigate Threats, Seize Opportunities at ICNY 2018 | Jan 22-26 at the Marriott Marquis, Times Square, New York

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. ES...