Churchill Mortgage announced Wednesday it will enter a joint venture with American Home Title to found a new title company – Churchill Title Solutions.
Churchill Mortgage, which funds about $1.2 billion in loan volume per year, according to 2017 HMDA data prepared by iEmergent, said the new title company will streamline the mortgage origination process and create a secure mortgage experience for borrowers, real estate agents and lenders.
The new title company will be available to all lenders across all 50 states, and will provide digital mortgage options. It will streamline or eliminate some tedious processes associated with traditional title management, and expediting lenders’ time to close.
“With the engagement and commitment of both companies’ staff and leadership, we’ve established a synergistic joint venture that will allow Churchill Title Solutions to become an integrated part of Churchill’s streamlined origination process,” American Home Title President Jack Goisse said. “This joint venture will employ solutions to ensure efficiency, security and transparency to all stakeholders providing a consistent and stress free experience.”
Churchill Mortgage also explained its new title company will close potential security gaps within the mortgage process and help lenders and real estate agents provide borrowers with peace of mind that their personal information is secure.
“There is a vital need within the mortgage industry to centralize the various siloes through which sensitive information travels and create a consistent, streamlined borrower experience,” said Matt Clarke, Churchill Mortgage chief financial officer and chief operating officer. “Considering our companies’ mutual dedication to trust, honesty, hard work and integrity, this joint venture will build upon our strengths and help us better serve the mortgage industry as a whole.”
This comes at a time when hackers targeting title and settlement companies is an increasing concern, a fact which HousingWire subscribers know all too well.
In fact, another article from HW Magazine by Editor Caroline Basile explained that mortgage companies are increasing their security [subscription required] after a record number of hacks.