1TRACT LLC has entered into a preferred vendor arrangement with Fidelity National Title Group (FNTG). This agreement provides FNTG title agents a solution to eliminate error in real estate conveyance transactions, at no cost to the title agent.
“It’s a watershed moment in 1TRACT’s quiet progression to achieve preferred status with Fidelity National Title Group,” 1TRACT President and CEO Frank Coyle said in a press release. “Industry leader in making high quality, cost-effective tool sets available to its agents, FNTG once again is demonstrating its dedication to effective risk management in land title and its shared intent with 1TRACT to bend the risk curve for consumers and mortgage lenders served by settlement agents across the U.S.”
1TRACT’s browser-based, patent-pending technology protects consumers in numerous ways, including:
- Helping settlement agents avoid errors in title policy issuance by independently monitoring the satisfaction of all title requirements related to ownership and pay-offs to make sure CFPB regulations, ALTA Best Practices standards and statutory deadlines are met;
- Independently searching for, retrieving and permanently retaining primary audit proof of all recorded title requirement satisfactions promptly after every real estate transaction occurs;
- Scoring every file, and every title requirement related to ownership and pay-offs within every file, on more than 100 key performance indicators in post-closing, including the timeliness of performance of agents and paid-off mortgage lenders, thereby equipping agents with real time management information for continual process improvement and compliance marketability;
- Automatically following up with mortgage lenders to obtain releases of paid-off mortgages on a collaborative basis in a way that builds pro-consumer, franchise relationships between lenders and agents;
- Substantially eliminating the risk of future title curative issues and mortgage lenders’ loan buyback risk under Fannie Mae and Freddie Mac by avoiding errors and omissions, gaps in knowledge and delays in follow-up during post-closing; and
- Enabling agents to manage post-closing responsibilities more efficiently and effectively by achieving a higher level of compliance while freeing up valuable time and resources so they can remain focused on providing the highest levels of service to home buyers and home sellers.
“As the dust has begun to settle on recent regulatory changes in our industry, FNTG and its agents are looking at every aspect of the real estate transaction to determine how best to maintain our leadership position in consumer service, compliance, ALTA Best Practices and title agency support,” Fidelity National Title Group National Agency Operations President Erika Meinhardt said. “We are very pleased to add 1TRACT to our group of Best Practice partners as we continue to assist our agents in adopting industry leading and cost-effective compliance solutions.”