Linear Title & Closing, a national title agency that specializes in processing a wide variety of loans for lenders, recently released an updated version of its software tool called
Change of Circumstance. This software is helping lenders accelerate an approval during its processing of a loan application.
“When rates are low, the tool has its biggest impact,” said Nick Liuzza, chief executive officer of Linear Title.
Linear Title said the Change of Circumstance tool gives the lender a competitive advantage by providing the ability to make a loan amount change in its Loan Ordination System. That change triggers a request for updated fees and updated title documents. Linear Title then returns updated guaranteed title fees, an updated title commitment and pre-HUD-1, all in a matter of seconds, sent directly to the lender’s platform.
Linear Title is capable of performing this function in all 50 states and accords multiple transaction types which include: refinance, purchase, short sale, REO and reverse mortgage. It also provides default servicing products to banks and servicers. Linear Title has developed and owns several products designed to increase efficiency in addition to Change of Circumstance.
“Most lenders utilizing the tool are highly automated and the gain in efficiency allows them to accomplish tasks in seconds that take their competitors hours or days,” Liuzza said. “If you think for a second how this process is being performed by most title agencies and factor in the time saved, then you can start to realize the savings multiplied by hundreds of loans a day. The numbers and savings that the tool provides are scary for competitors using a more manual process.”
Most lenders need to go to their title company’s website to obtain new fees and then request updated title documents while those that utilize Linear Title’s tool have already delivered that information to their clients. The Change of Circumstance tool is available through Linear Title and Closing’s web portal, http://www.lineartitle.com.