First American Offers Loan Production Solution

American Outsourcing and Technology Solutions, a member of the The First American Corporation family of companies, is offering its new Back Office Loan Production Solution, which the company says will help lenders expedite post-application loan processing. The technology converts loan production to a variable-cost model and enhances lender usage of warehouse funding by speeding throughput, according to First American. Lenders can implement the solution to manage manual loan production tasks from submission to post-closing. The product can also be used in selected parts of the process, such as clearing underwriting conditions or closings. First American claims the 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. "Our goal is to understand the client's current process," says Russ Watts, vice president of global outsourcing. "We're not there to reengineer their process; we simply make it more data-driven and less people-dependent." Watts adds that the Back Office Loan Production Solution is helpful in an environment of escalating refinance and purchase demand. "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," he says. SOURCE: First A


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