First American Outsourcing and Technology Solutions Offers New Back Office Loan Production Solution
—End-to-End or Modular Options Can Significantly Improve Turn Times, Lower Processing Costs and Optimize Warehouse Lines—
June 1, 2009, SANTA ANA, Calif.
First American Outsourcing and Technology Solutions, a member of the The First American Corporation (NYSE:FAF) family of companies and a leader in business outsourcing solutions, today announced its new Back Office Loan Production Solution to help lenders expedite post-application loan processing. The technology converts loan production to a variable-cost model and enhances lender usage of warehouse funding by speeding throughput.
This new technology solution allows First American’s clients to streamline their labor-intensive back office loan production processes. It can be implemented to manage the majority of manual loan production tasks from submission to post-closing or used in select parts of the process, such as clearing underwriting conditions or closings.
The solution also enables lenders to cut loan production costs by more than 70 percent in some instances and reduce the time from underwriting decision to completed closing package to as few as two days.
First American works with clients to determine their specific needs and provides an onsite consultant to document the client’s current workflow. “Our goal is to understand the client’s current process,” said Russ Watts, vice president of global outsourcing. “We’re not there to re-engineer their process; we simply make it more data-driven and less people dependent. We typically ramp up production for a new client within weeks. They select the functions they want to outsource whether it is post-application processing, document preparation, pre- and post-underwriting support, closing or post-closing reviews.”
The highly scalable solution is built on First American’s flexible technology platform that provides tailored solutions for organizations of any size. The solution can also take advantage of First American’s global resources to deliver constant processing and can be used to process Federal Housing Administration (FHA), conforming and non-conforming refinance and purchase loans.
“Many lenders are now facing a significant surge in refinance and purchase demand,” added Watts. “Our new solution provides these lenders with flexible, scalable options to handle this increased demand while improving processing speeds and costs. By shortening process timelines, lenders are able to close and sell their loans faster, thus reducing the time they will have to hold and fund these loans though warehouse lines.”
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.