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July 20, 2017 Published by —

KeyStoneB2B Introduces New Title Product to Accelerate Mortgage Contract to Close Period

Lending process automation supports mortgage servicing from loan origination to completion

WEST PALM BEACH, Fla., July 20, 2017 – KeyStoneB2B, the fintech solution that delivers competitive advantages for financial services leaders, today announced a new title product that will facilitate the title order, title close, borrower and seller closing disclosure during the mortgage lending process. KeyStoneB2B offers a network of title companies that have been vetted according to lenders’ rules and guidelines. In addition, banks, credit unions and other mortgage lenders can integrate their current title companies into the KeyStoneB2B lending process automation to identify the appropriate financial services providers that can most efficiently support the loan to successful completion.

“Since the typical mortgage loan process duration is 40 to 45 days, reducing the search time for the right title company that meets lenders’ guidelines is significant,” said James V. Luisi, chief information officer and chief technology officer for KeyStoneB2B. “When a bank or lending institution uses a title company that’s already integrated into our system, in many cases, the title company will pay a portion of the closing disclosure fees. Lenders will defray costs and elevate brand positioning by providing the savings back to borrowers or offer other benefits to customers.”

A title is required for lenders to determine a property’s chain of ownership and is a vital component of mortgage servicing. Mortgage lenders, banks, credit unions and other financial institutions will profit from collaborating with KeyStoneB2B in multiple ways:

  • Lenders’ rules and guidelines are stored in the system ensuring title companies comply with requirements of the banks and financial institutions.
  • Electronic capture of all compliance documents, including all policies and procedures, licenses, insurances, bonds, and pertinent plans.
  • Title companies’ pricing for key products and services are available with full transparency.
  • The lending process is fully automated, including background checks, contracting, and legal review through contract e-signed or wet-signed.
  • The automated system minimizes errors, manual inputting and duplication of efforts for superior loan processing speed.

KeyStoneB2B’s pre-approved title companies can guarantee faster contract to close period, reduced costs, and saleable loan packages to government sponsored enterprises (GSEs) and other financial institutions.

“Lenders will gain tremendous insights from the scorecards we provide,” said Morell Maison, sales, marketing and digital strategist for KeyStoneB2B. “We offer metrics for the time it takes title companies to complete one step to the next step in the process. They’ll be able to see which title providers are more efficient or less proficient in certain areas. If a mortgage loan needs to be fast-tracked, the lender can choose the title company known to close transactions with greater speed.”

The mortgage lender maintains a direct relationship with the title provider. KeyStoneB2B streamlines the communications and collaborations by offering a low-cost service to track orders and fulfillments, including title provider scorecards, consolidated reporting and invoice reconciliation for the lender.

KeyStoneB2B’s solution streamlines the title process by allowing:

  • The ordering of any combination of desired products at the same time
  • Data provided regarding the same loan number is pre populated where possible
  • Borrower closing disclosure fees are paid by title providers instead of the lender

To schedule a demo of the KeyStoneB2B fintech solution, email Morell.Maison@KeyStoneB2B.us or call 561.614.5935.

Lending process automation supports mortgage servicing from loan origination to completion