Sterling National Launches Escrow Solution For Small Lenders

a-based [link=]Sterling National Corp.[/link] has rolled out Total Escrow Solutions, which the company describes as an escrow administration solution for small lenders that have been struggling to comply with the new Real Estate Settlement Procedures Act (RESPA) provisions. Using the product, small lenders can quickly order escrow administration services for new loans and generate the initial escrow disclosure statement online, Sterling National says. ‘We saw that the new RESPA escrow requirements were going to create great challenges to small lenders,’ comments John Tomko, product line executive. ‘The regulations could have conceivably driven them out of the business of originating higher-priced mortgage loans. For community banks and credit unions to turn away these customers would have represented not only a loss of revenue, but a diminished relationship with their customers." Sterling Total Escrow Solutions includes escrow disbursement scheduling for real estate tax payments and property insurance payments, as well as the generation of annual escrow analysis statements. SOURCE: [link=]Sterling National Corp.


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