First American Mortgage Solutions, a subsidiary of “Big Four” title insurer First American Financial, has executed a strategic tech integration with default and loss mitigation workflow provider BackInTheBlack.
The integration allows First American Mortgage Solutions to automate loss mitigation title reports, uninsured property reports, loan modification and partial claim documents and lien priority insurance directly through BackInTheBlack’s calculators and workflow automation.
Previously, First American Mortgage staffers would have to do the process manually.
“The integrated solution provides great flexibility and efficiencies, shortening turnaround times while maintaining compliance for these highly regulated processes,” First American Mortgage’s Chris Brinkley, who heads its servicing business operations division, said in a statement. “Given the economic reality today, the seamless integration provides lenders and servicers quick, accurate and simple options to keep resolution timelines short, helping more homeowners stay in their homes.”
The product integration comes on the heels of a positive quarter for First American, the nation’s second-largest title insurer. The firm reported that refinance volumes remained high – about 60% of open orders during the fourth quarter and January were refi deals. Purchase loans also saw a 26% increase in January over December, which generally brings higher profit margins.
HousingWire recently spoke with Susan Falsetti, managing director of Origination Title and Close at ServiceLink, about the state of the title industry.
Presented by: ServiceLink
All in all, First American Financial captured $7.1 billion in revenue in 2020, a banner year for the title insurer. That was a 14% increase over the prior year.
Amid a larger arms race for the title industry, First American has been quite active with mergers and acquisitions in the past year. Just before historic origination volumes, the company acquired document signing software DocuTech for about $350 million.
A few months ago, the title insurer also boosted its servicing suite with the acquisition of subservicer ServiceMac, which it expects to close later in 2021. And late last month, First American reached an agreement to sell its property and casualty subsidiaries.