Mortgage service provider Mortgage Connect is partnering with Westcor Land Title Insurance Company and X1 Analytics to develop a product for Fannie Mae’s Title Acceptance program.
The pilot is part of an ongoing effort by the Federal Housing Finance Agency and Fannie Mae to modernize the mortgage closing process and reduce costs for consumers and taxpayers.
This product couples X1’s title engine capabilities with Mortgage Connect’s automated title curative and scalable closing process to lower costs for consumers while delivering security to the mortgage industry.
The offering includes a title insurance product that retains the core benefits and legal assurances that the mortgage industry has come to rely upon from the title insurance industry, while balancing the need for borrowers to have access to low-cost refinance transactions.
“We have had a long-term relationship with Westcor, and I’m pleased to have partnered with them on this innovative product,” says Jeff Coury, CEO of Mortgage Connect, in a release. “I want to thank Fannie Mae for their collaboration over the past two years on this pilot program. We’re very proud of the work we have done to help modernize the title industry with this forward-thinking program. This product offering balances consumer cost savings with the protections our lenders and the mortgage market have come to expect from the title industry and I’m very happy to be part of this evolution.”