Reduce Cost While Increasing Accuracy with FAST Legal & Vesting

Client Need

A large originator was looking for a way to expedite the equity loan approval process because asking a customer to wait 24-48 hours for title information invites the customer to shop elsewhere.

Solution

By leveraging First American CoreLogic's data acquisition efforts (title plants, film library and manual abstraction network) and advanced data delivery specialists, we delivered legal and vesting via an XML connection directly into the client’s loan origination system. Currently, 90% of the orders are completed within 60 minutes.

Results

FAST Legal & Vesting enables the client to reduce cycle times, (especially on high FICO/low loan to value loans) helping them make a commitment faster than its competition significantly advancing the lending process while the borrower is in the branch, on the phone or on the Internet. Booking significantly more equity lines each day increases the overall value of its loan portfolio. FAST Legal & Vesting has reduced their costs by 45-55% enabling the client to re-direct funds to help acquire more business and expand its lending footprint.