First American Mortgage Solutions

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3 First American Way
Santa Ana, CA 92707

firstam.com/mortgagesolutions

Market view

The industry overall will be faced with four major challenges in 2015 — transparency, compliance, customer experience and quality. When it comes to transparency, lenders and servicers are looking for consumable data — better intel upfront at the start of loan qualification, and more post-closing details on the manufacturing process, as evidence of compliance. 

Compliance will continue to be a challenge in the new year, with the new Integrated Disclosure Forms in August 2015 fundamentally changing the lender’s process and their relationship with settlement agents.

As the new changes take effect, the focus will naturally shift to minimize the impact on customer experience. Engaging millennial borrowers and first-time homeowners requires a relationship-based approach that encourages real dialogue, and meets consumers’ desire for quick responses. 

Going into 2015 and beyond, quality will continue to be the industry watchword. The most successful lenders — and their critical service partners — must evolve toward a flawless loan process, while still meeting new regulations and keeping costs manageable.  

New solutions

First American has restructured its entire Mortgage Solutions group to concentrate on the relevant and contemporary needs of lenders and servicers.  The company, which offers data, analytics, valuations, title, settlement and quality control services,  is supplementing its skilled services with emerging data and analytics capabilities. 

This will allow the company to develop new solutions for 2015 industry challenges, including:  

  • A new eCD platform offering a collaborative and flexible approach to the new Closing Disclosure form, including optional quality analytics and a web-based delivery to consumers.  
  • A selection of new outsource services for lenders — including contract underwriting, closing, post-closing, and loan quality review — to increase capacity and improve quality at a variable cost.
  • Reengineering and updating existing services — like appraisal management, reverse mortgage closing, and Home Equity/HELOC services — to address increasing demand for improved quality in these segments. 

“In working closely with the top leadership teams of lenders and servicers, we made some critical changes in 2015 to align more closely with the industry’s needs for defect-free manufacturing and customer experience,” Kevin Wall, president of First American Mortgage Solutions, said. “This includes our expansion of First American’s data repository — now with over 4.3 billion land records — and the acquisition of Interthinx.”

 Interthinx, which First American acquired in March 2014, provides loan quality analytics, decision support tools and loan review services for the mortgage industry. By integrating Interthinx’s analytic services, First American Mortgage Solutions can offer its clients a robust, loan-quality assurance solution.

“The two factors that really exemplify our difference at First American are purpose and experience. ‘Pursuit of certainty in lending’ is more than a statement, it is a guiding force that drives us to strive for a defect-free process and customer experience beyond all others,”Wall said. “We’ve made key investments in structure and process, and aligned our services, innovation, and technology to support this objective and make it sustainable.

“This momentum is balanced with the sound foundation of an experienced company that’s been offering solutions for over 125 years,” he said.

First American combines those years of experience with a culture of innovation for what’s next. The company will be unveiling two new solutions in 2015 to help clients maximize their opportunities. The first is a groundbreaking technology solution that makes the company’s land record data more easily consumable by lenders. The second is a licensed version of existing technology that could be used to analyze bulk portfolios for potential risks and opportunities.

Both new offerings reflect the kind of intelligent solutions that First American is known for. “We will continue to make improvements and offer innovation centered on the ‘pursuit of certainty in lending,’”  Wall said.