First American Enhances Online Title Policy and Document Retrieval
—New Capabilities Will Improve Post-closing Due Diligence, Modifications and Foreclosures Processes—
February 22, 2010, SANTA ANA, Calif.
First American Document Solutions, a member of The First American Corporation (NYSE: FAF) family of companies, today announced that it has enhanced its online title policy and document retrieval capabilities. The new enhancements, which will be available through its online portal, ePostClosing.com and through its VendorScape™ Service Gateway module, will help lenders, servicers and attorneys better manage closing documents, improve investor compliance and safeguard assets moving through the modification and foreclosure processes.
Clients can now retrieve title polices and other trailing documents, such as mortgage, assignment and modification documents, entirely online. They can also:
- Monitor the status of the retrieval process, 24/7, using ePostClosing.com
- Receive a complete audit trail of the process, including all contacts and responses
- Use the system’s vendor scorecard to review the performance of various closing agents and underwriters
With ePostClosing.com, First American Document Solutions can order replacement policies through preferred title company partners. The First American Document Solutions platform is currently being used by nine of the nation’s 10 largest lenders, including the top five.
“Working with First American has been a positive collaborative partnership,” said Susan King, vice president of Warehouse and Production Operations at SunTrust Mortgage, Inc. “First American responds quickly, their reports are easy to use and very useful to our operation, and their service levels are exceptional. In today's business climate, it’s refreshing to find a solution that is not only economical, but fast.”
“Servicers are experiencing difficulties in those cases where they were not able to produce title policies and other documents in foreclosure proceedings,” said Derrick Jones, vice president of National Sales for First American Document Solutions. “This has generated renewed interest in ensuring that closed loan files used for mortgage modifications and foreclosures are complete. It has also raised awareness among originators of the need for greater due diligence in the area of post-closing and document preparation and packaging.”
About First American Document Solutions
First American Document Solutions is a new single-point of access to the nation’s largest land records database, containing more than 4 billion current and historical imaged documents, and to automated document solutions, including post-closing document preparation and recording, data solutions and document management systems. First American Document Solutions’ new portal, ePostClosing.com, offers lenders and servicers new, more efficient ways to manage their post-closing document needs.
About First American
The First American Corporation (NYSE: FAF) is a FORTUNE 500® company that traces its history to 1889. With revenues of approximately $6.2 billion in 2008, it is America’s largest provider of business information. First American combines advanced analytics with its vast data resources to supply businesses and consumers with valuable information products to support the major economic events of people’s lives, such as getting a job, renting an apartment, buying a car or house, securing a mortgage and opening or buying a business. The First American Family of Companies, many of which command leading market share positions in their respective industries, operate within five primary business segments, including: Title Insurance and Services, Specialty Insurance, Information and Outsourcing Solutions, Data and Analytic Solutions, and Risk Mitigation and Business Solutions. More information about the company and an archive of its press releases can be found at www.firstam.com.