First American Introduces Powerful New Workflow Solutions for FAWS Platform
October 23, 2006, SANTA ANA, Calif.
The First American Corporation (NYSE: FAF), America’s largest provider of business information, today announced that it has added a new, powerful set of automated workflow solutions to its industry-leading, Web-based FAWS ordering platform. The expanded rules-based settlement services decisioning, intelligent product bundling, real-time rate quoting, federated workflow models and dynamic task-management features combine to offer a valuable set of solutions for managing the complex business requirements of mortgage lenders.
First American’s newest version of its online order platform enables mortgage lenders to order all of their settlement services through a single interface, as well as automatically generate task assignments derived from the results of the product orders, based upon the lender’s predefined profile. This newest version converts mortgage lenders’ manual processes from a basic ordering and follow-up procedure, to a model that uses detailed programmed action plans that can quickly guide lenders to closing.
“Originating and closing transactions involving numerous third-party service providers can be a very complex and time consuming process that requires a great deal more than simply placing and receiving an order,” said Roger S. Hull, executive vice president and chief information officer of The First American Corporation. “The only way for lenders to realize significant process efficiencies is to incorporate a technology that delivers true exception management. The newest version of our federated workflow services provides the exception management solutions that our industry has been waiting for.”
First American’s newest technology solution now contains sophisticated process-management functions, which allow lenders to define custom workflows that will automate a significant percentage of their transactions. This new technology creates an exception-based workflow environment, where user intervention is only required on a small subset of orders. When interaction is required, users will be provided with a clear set of unique tasks to complete, which pertain to that specific order.
“The FAWS order platform stands alone in the industry as the only application with the ability to provide dynamic pricing, real-time product bundles and, now, sophisticated workflows for each product,” said Jason R. Nadeau, senior vice president of enterprise technology for The First American Corporation. “The federated workflow capabilities of FAWS create a unique and innovative approach to managing the settlement process.”
In addition to robust workflow management, FAWS’ key features include access to a wide array of settlement services and providers, cost-effective product bundling and packaging capabilities, and the ability to deliver guaranteed quotes for closing costs. FAWS can also automatically select the best pricing for individual products from a wide array of vendors to ensure the best possible margins.
First American’s technology platform conforms to industry standards, including the Mortgage Information Standards Maintenance Organization’s (MISMO) designation for XML and Web services. Designed for the utmost in flexibility and scalability, First American’s technology platform can be easily and cost-effectively integrated with lenders’ existing loan origination systems and other internal or external systems. First American’s technology also enables lenders to competitively respond to market demands and satisfy regulatory requirements for guaranteed pricing.
First American will be onsite at the 2006 MBA Annual Conference and Expo, held at the Hyatt Regency Chicago, beginning on Oct. 22 to share more about its complete menu of industry-leading products and technology solutions. To find out more, please visit First American at booth #727 or call (800) 508-8733.
The First American Corporation (NYSE: FAF), a FORTUNE 500® company that traces its history to 1889, is