First American Expands Technology Offerings to Help Lenders and Settlement Agents Streamline Closing Process
October 19, 2005
SANTA ANA, Calif., /PRNewswire-FirstCall/ -- The First American Corporation (NYSE: FAF) expaned its technology offerings to help lenders and settlement agents further streamline the closing process with the launch of Closing Collaboration Tools (CCT). CCT helps lenders and settlement agents jointly deliver the efficient, high-quality experience today's borrowers expect from their real estate transactions. CCT is an integrated set of capabilities that enable data and documents to be shared electronically between lenders and settlement agents throughout the closing process, reducing the cost and time now associated with pre- and post-closing activities and increasing accuracy.
CCT includes three core components:
- Data Quality Services help build accuracy into the process via automated, rules-based comparisons and integrated workflow capabilities that enable lenders and settlement agents to share and validate data electronically, reducing the need for costly and error-prone manual checks and rework.
- Document Exchange Service enables lenders and settlement agents to share documents (including the HUD-1) with each other and borrowers prior to closing.
- eSign Service enables loan documents to be electronically signed, providing greater convenience for customers and allowing the note to be registered and delivered electronically to investors who support
Lenders may choose to implement some or the entire suite of CCT technology tools to suit their needs. The CCT modules are designed to leverage existing real estate transaction technology investments and can be integrated with lender or third-party loan origination systems (LOS) and settlement agent software.
CCT's innovative, open architecture gives lenders and settlement service firms the freedom and flexibility to choose their business partners from among the full range of industry participants and technology providers. CCT is based on industry-compliant standards such as MISMO (Mortgage Industry Standards Maintenance Organization) protocols that foster the most rapid, least costly and widest possible adoption, enabling across-the-board process efficiencies and cost savings to be shared by all.
The CCT pilot was initially developed through a collaboration that included Fannie Mae, lenders, title companies, settlement agents and industry groups to facilitate the creation of eMortgages.
"CCT is the only complete eMortgage solution in the market," said Molly McCormack, associate vice president at Navy Federal Credit Union. "We are pleased that First American is offering this innovative technology because of their market strength and industry expertise. Using CCT enables us to realize savings of $240 per loan for every electronic closing."
Navy Federal Credit Union is a federally charted credit union, with $25 billion in assets and servicing 2.6 million members.
First American will integrate CCT into its Web Services platform during the first quarter of 2006, while maintaining CCT's open market capabilities to ensure compatibility with all types of loans, investors, and settlement technology and business service providers.
Source: The First American Corporation