Mass. Title Agent Makes Plea for Streamlined Closing Process
November 4, 2009
The owner of a title agency based in Tewksbury, Ma., recently met with President Obama and Massachusetts Gov. Deval Patrick to ask for their help to streamline the mortgage closing process.
Hugh Fitzpatrick, owner of New England Title & Escrow Services, has been evangelizing the benefits of paperless closings and shared his story with President Obama as he visited Boston.
Besides storage of documents that require onsite audits by state paid auditors, the present system suffers from poor quality control and slow mortgage approvals, according to Fitzpatrick.
Fitzpatrick said he has created a standardized system that allows for instant access to documents by auditors that will eliminate travel and duplication of efforts by the state, besides making banking functions faster and more efficient the savings are huge.
Besides meeting with the President and the governor to gain their help in spearheading these cost saving systems that will save the state, banks and ultimately the consumers money, Fitzpatrick also met with the director and assistant director of the Division of Banks and discussed the possibility of new policy's that will help the banking system be more efficient and less expensive.