Bundled Services in Demand
Bundled services delivered in packages customized to fit specific user needs, such as First American Real Estate Solutions' document tracking and recovery service option, appear to be more and more in demand.
Nationstar Mortgage of Dallas, formerly known as Centex Home Equity, specializes in nonprime mortgages and home-equity loans directly to consumers and through a network of brokers and bankers and a significant servicing portfolio in 47 states, recently signed up with First American's document tracking and recovery service option.
It will provide Nationstar with document trailing and lien release services that follow loan closing, allowing for more cost efficient operation. First American's document tracking and recovery service option tracks trailing documents from inception to their delivery to investors or custodians.
To best serve the business needs at Nationstar, First American said the product was customized to fit certain requirements presented by the lender. Based on a consultative review of post-closing and trailing document operations at Nationstar, First American said the lender concluded, "A service package that bundled tracking, recovery and lien-release functions would create the greatest measure of efficiency."
According to Nationstar senior vice president Steve Lichti, the company selected the First American option as its post-closing services provider for the way it manages document relationships with closing and title agents.
"In addition, First American's nationwide database document images and recording information are always available to us on a secure Web-based server for quick and easy access," he said.
In fact, First American is one of the country's largest providers of advanced property and ownership information covering over 2,800 counties nationwide, or about 98% of the population in the U.S.
Nationstar executives also noted that the goal is processing efficiency given that the lender closes about 4,000 loans and processes 2,500 lien releases every month. First American's document tracking and recovery service option combines document tracking, document retrieval, assignment and lien-release creation and recording, which avoids the time-consuming process of an in-house partially automated mortgage operation.
Since 1997, Nationstar has originated over 250,000 consumer loans at an average of 3,000 mortgages a month. Nationstar
services over 105,000 loans totaling about $10 billion.
First American general manager Ron Rooney said, "Employing a document tracking and recovery solution on an outsourced basis allows Nationstar to deliver better service and reduce costs."
First American said its real estate solutions are used by 600,000 users across the country. It assists them to improve acquisition and retention, detect and prevent fraud, improve mortgage transaction cycle time, appraise residential and commercial properties. (c) 2006 Mortgage Servicing News and SourceMedia, Inc. All Rights Reserved. http://www.mortgageservicingnews.com http://www.sourcemedia.com