Technology Shortens Loan Timeline
As historically low mortgage rates continue to boost refinance and purchase demands, a new technology solution from First American (FAF) allows clients to streamline their back office loan production processes, in effort to expedite the post-application loan process. "By shortening process timelines, lenders are able to close and sell their loans faster, thus reducing the time they will have to hold and fund these loans though warehouse lines," Watts says. The solution, Back Office Loan Production, can be implemented to manage the majority of manual loan production tasks from submission to post-closing, or just select parts of the process, such as clearing underwriting conditions or closings, explains First American. “We’re not there to re-engineer their process; we simply make it more data-driven and less people dependent," says Russ Watts, vice president of global outsourcing. The solution can be tailored for organizations of any size. It can also be used to process Federal Housing Administration conforming and non-conforming refinance and purchase loans. First American says its solution enables lenders to cut loan production costs by more than 70% in some instances and reduce the time from underwriting decision to completed closing package to as few as two days. Write to Kelly Curran.