Orion Financial Group Launches Unique Title Policy Retrieval System

February 22, 2005

Orion Financial Group Launches Unique Title Policy Retrieval System

SOUTHLAKE, Texas, /PRNewswire/ -- Orion Financial Group, Inc., ( http://www.orionfgi.com ), a document services provider, has introduced a new service that provides retrieval of certified or duplicate copies of a final title policy. Missing title policies have been a "thorn in the industry's side," and the problem is compounded because most lenders do not have the time or resources to engage in the laborious retrieval process. Orion has developed a system to make the process hassle-free, while helping the lender to budget more effectively by way of a fixed charge for each document search.

"With Orion's set-fee system, clients know up front what their investment is to retrieve a title policy, versus spending a lot of money on a lengthy search that may or may not yield results," said Mike Wileman, President of Orion Financial Group. "Our system not only streamlines the search process, but it also gives clients the ability to plan for and allocate costs associated with document retrieval. It's just one more way we provide our clients with excellent and efficient service."

Streamlining title retrievals

A final title policy is essential to any mortgage transaction. Often, however, firms encounter problems in receiving final policies when the documents are lost in the transportation of collateral files. Retrieving title policies can be time consuming and frustrating because of the vast number of closing agents around the country. The result: high costs and uncertain outcomes. Orion Financial Group recognized the need for a more streamlined process, and has applied its experience, dedicated resources and technology to the title policy retrieval process.

With Orion's system, an individual record is created for each account requiring title retrieval. Orion Financial Group then contacts the title company or closing agent using a variety of methods. Retrieved documents are shipped to the client on at least a bi-weekly basis until the job is complete.

Orion also provides customized reporting in order to update clients on the retrieval process. Wileman pointed out that documents are usually retrieved within a 60-day period. For those not located within 90 days of the first attempt, Orion provides an "unable to retrieve" status report to the client, along with a spreadsheet noting the attempts. Clients enjoy a set fee for the process, so even if the search fails to produce results because of passage of time, changes in title company ownership or other reasons, they pay one time only, rather than incurring costly open-ended charges.

"Most companies that offer title policy retrieval have a superficial approach," Wileman noted. "At Orion, we utilize a great combination of technology and human resources to make contact with individuals who will help us obtain the proper documents. The hard work on our part makes it easy for our clients."

Source: Orion Financial Group, Inc.

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