Santa Ana, California-based First American Title Insurance Co. announced that its Lenders Advantage Division has completed development of TitleSmart[TM], a new technology designed to deliver insured title commitments in less than 60 seconds.
By having the full title facts--including ownership, tax, lien, title conditions and closing-fee information--immediately in hand, rather than waiting the traditional 48 hours to receive that information, the instant title information offered by TitleSmart increases the lender's ability to effectively consult clients and efficiently close more loans, according to Laura Roedel, vice president of strategic marketing for First American Title's Lenders Advantage Division.
"TitleSmart is the culmination of two years of research and development that utilizes our in-house expertise in technology, product design, title underwriting, data management and exception processing," said Roedel. "It's unique in that it completely automates the title production process for the majority of refinance loans without requiring the mortgage lender to prequalify the transaction or change their current processes."
In initial testing, TitleSmart delivered a title qualification or title commitment, protected by full title insurance, in less than 1 minute on more than 63 percent of refinance loans in 44 states. Beta-testing began in January with two top mortgage lenders, and several...