A borrower’s name and the property address is all that’s required to produce a title report in seconds says WFG Lender Services.
Its new DecisionPoint solution, launched in association with its affiliated title insurance underwriter WFG National Title Insurance Company, will let lenders know almost instantly the title processing time as well as any curative steps needed based on the results or whether the title is ‘clean’.
Unlike some competitors, the product does not require a borrower’s Social Security number and offers a full report rather than a simple grade.
Because loans move faster through the origination process, it means borrowers benefit from potentially shorter application-to-close timeframes and more advantageous interest rates.
“By making sure a loan is good to go as early as possible, DecisionPoint allows lenders to jumpstart their underwriting process,” said Matt Slonaker, senior vice president and head of enterprise solutions sales at WFG Lender Services. “It makes the title process more efficient and saves more loans.”
The firm says that the new product will enable lenders to spend less time on loans with clear title and focus instead on curing problem loans.
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