Stewart announces the release of its electronic disclosure solution designed to automate the lender's initial disclosure process. Stewart's eDisclosure solution provides the ability for lenders to electronically transmit and display initial disclosure documents to their borrowers in a secure, online, consumer-friendly environment for electronic acceptance.
"The new electronic disclosure solution eliminates the need for lenders to print and mail their initial disclosure documents to the borrowers," said Jason Nadeau, senior vice president of eLender business for PropertyInfo Corp., a Stewart company. "In addition to automating the process of delivering the disclosures, lenders have the ability to utilize Stewart's subsidiary, Online Documents Inc., as the provider of the disclosure packages."
Lenders can leverage and simplify the eDisclosure process to its fullest by ordering compliant, warranted Initial Disclosures packages through Online Documents Inc.
Online Documents Inc. provides compliant three-day Initial Disclosure and Closing Document packages for all 50 states within minutes of a request - 24 hours per day, seven days per week. The company provides reporting on the status of the eDisclosure package and offers services to print and mail packages when not electronically viewed or accepted.
In addition to displaying initial disclosure documents to borrowers, Stewart's eMortgage suite now provides the lender with a complete paperless solution starting with electronic disclosures, closing electronically and ending with storage in Stewart's eMortgage Manager electronic vault along with MERS(R) eRegistration and electronic delivery to investors.
"Stewart's eMortgage solution is uniquely positioned in the market by being the most complete, end-to-end solution for a lender," Nadeau continued. "Recent market and regulatory changes have increased the immediacy to innovate and dramatically improve the process. I believe Stewart is the only organization that contains all the necessary components to lead in the eMortgage space."
Stewart's eMortgage solution provides the lender a complete solution including electronic disclosures, electronic-document sharing and collaboration through SureClose(R), creation of compliant SMARTDocs through Online Documents' eMortgageDocs(TM), borrower review of closing documents, electronic signing of non-notary documents, eClosing through Stewart's eClosingRoom(TM), eNotarization of notary documents, electronic vaulting, eDelivery and eRecording.
"Stewart is committed to providing our lender partners with significant improvements in the loan closing and settlement process," said Stewart Morris Jr., president and co-chief executive officer of Stewart Information Services Corp. and chairman of PropertyInfo Corp. "Our organization has been the leader in innovation around the closing experience and through our embrace of eMortgage innovations, we will greatly enhance consumers' closing experience. Ultimately, this is about serving the customer and driving more loans to our partners through an improved and differentiated closing experience."
Visit Stewart at Booth #1438 and Online Documents Inc. at Booth #1466 at the 94th Annual Mortgage Bankers Conference for more information. Presentations on "eMortgages: a better way to business" will take place in the Stewart booth at the following times:
-- Sunday, October 14, 2007 5:00 p.m.
-- Monday, October 15, 2007 10:15 a.m., 2:15 p.m., 4:30 p.m.
-- Tuesday, October 16, 2007 10:15 a.m., 2:15 p.m., 4:30 p.m.
About PropertyInfo Corporation
PropertyInfo Corporation delivers state-of-the-art real estate information solutions to the real estate, closing and mortgage industries. As a global provider of online transaction management and e-closing solutions, real estate information services, title/escrow production systems, hosting services, software development and online product distribution via its Web portal, PropertyInfo.com, PropertyInfo provides title and real estate professionals with the electronic data and integrated applications needed to increase their business efficiency and improve the quality of information used throughout the real estate transaction process. For more information, visit www.propertyinfo.com or e-mail smarttechnology@propertyinfo.com.
About Online Documents, Inc.
Established in 1988, Online Documents (www.onlinedocuments.com) provides compliant mortgage documents and related services to lenders, nationwide. Online offers Web-based and desktop installations (Online Express(TM) Web and Online Express(TM)) for local lenders and more comprehensive enterprise solutions, including MISMO data feeds (Integration Manager(TM)) for regional and national lenders. Online delivers Initial Disclosures and Closing Document packages via the web and to local print destinations within minutes of an order, 24/7. Additionally, Online provides Print and Mail Services for Initial Disclosures from its central processing center and offers unique support to Attorneys who prepare and draw documents for lender clients through its advanced Document Review Manager(TM) technology.
About Stewart
PropertyInfo Corporation and Online Documents Inc. are wholly owned subsidiaries of Stewart Information Services Corp. (NYSE:STC), a customer-driven, technology-enabled, strategically competitive, real estate information, title insurance and transaction management company. Stewart provides title insurance and related information services required for settlement by the real estate and mortgage industries through more than 9,500 policy-issuing offices and agencies in the United States and international markets. Stewart also provides post-closing lender services, automated county clerk land records, property ownership mapping, geographic information systems, property information reports, flood certificates, document preparation, background checks and expertise in tax-deferred exchanges. More information can be found at http://www.stewart.com.
SureClose(R) is a registered trademark of Stewart Title Co. MERS(R) is a registered trademark of Mortgage Electronic Registration Systems Inc.
SOURCE: Stewart Title
Friday, October 19, 2007
Tuesday, October 16, 2007
Florida Company Brings eNotarization Into Fold
Florida Company Brings eNotarization Into Fold
A Florida-based residential and commercial mortgage-processing firm has begun following in the example of a number of Pennsylvania-based businesses, incorporating secure eNotarization into its workflow and encouraging its Notary Signing Agents to begin using their Electronic Notary Seals.
Prime Processors recently partnered with Stewart Transactions Solutions in Texas to use Stewart's eClosing Room, which utilizes the NNA's secure Electronic Notary Seal (ENSTM) for notarizations. This system makes the entire mortgage process - including notarization - electronic.
"This will provide a tremendous opportunity for Notaries who work with us to increase their business, and will allow us to make our workflow more secure and efficient," said Patrick Lawson, Operations Manager for Prime Processors, which is offering training sessions for Signing Agents wishing to segue into the electronic marketplace.
Not only is this electronic process more secure, but the time it takes a Signing Agent to complete a transaction is reduced tremendously, Lawson said.
"During our numerous tests we ran several nightmare scenarios that Notaries might run into, such as having to deal with multiple borrowers at once, and the average total time it took to complete each signing was 17 minutes," he said.
That's less than half the time it normally takes to complete such assignments using paper-based functions, said Florida Signing Agent Liz Adams, who participated in Prime Processors' training session.
Source: NNA eNotarization Update - Issue #27 October 2007
A Florida-based residential and commercial mortgage-processing firm has begun following in the example of a number of Pennsylvania-based businesses, incorporating secure eNotarization into its workflow and encouraging its Notary Signing Agents to begin using their Electronic Notary Seals.
Prime Processors recently partnered with Stewart Transactions Solutions in Texas to use Stewart's eClosing Room, which utilizes the NNA's secure Electronic Notary Seal (ENSTM) for notarizations. This system makes the entire mortgage process - including notarization - electronic.
"This will provide a tremendous opportunity for Notaries who work with us to increase their business, and will allow us to make our workflow more secure and efficient," said Patrick Lawson, Operations Manager for Prime Processors, which is offering training sessions for Signing Agents wishing to segue into the electronic marketplace.
Not only is this electronic process more secure, but the time it takes a Signing Agent to complete a transaction is reduced tremendously, Lawson said.
"During our numerous tests we ran several nightmare scenarios that Notaries might run into, such as having to deal with multiple borrowers at once, and the average total time it took to complete each signing was 17 minutes," he said.
That's less than half the time it normally takes to complete such assignments using paper-based functions, said Florida Signing Agent Liz Adams, who participated in Prime Processors' training session.
Source: NNA eNotarization Update - Issue #27 October 2007
Thursday, October 11, 2007
e-Innovation in Texas Town
e-Innovation Takes Root in Progressive Texas Town10:00a ET October 9, 2007 (Market Wire)
An innovative cast of individuals in a growing community of 27,000 just 50 miles south of Houston is quietly making history with same-day service in residential real estate closings and recordings. A local real estate professional, lender and title agent all meet online via Stewart Title's (NYSE: STC) SureClose(R) to complete residential real estate closings -- allowing home buyers and sellers to receive their title policy, note and deed all on the same day as the purchase of their new home. Stewart Title of Lake Jackson produces the title commitment and the closing documents using the AIM(R) title production system and SureClose. As the transaction manager, Stewart Title invites real estate agents such as Real Estate Plus broker/owner Donna Peiser, lenders such as Texas Dow Employees Credit Union (TDECU), and home buyers and sellers online to SureClose to see the status of the transaction. "At Stewart Title we strive to provide the best possible closing experience by providing visibility of the process to all the parties, placing the accumulation of closing documents in a secure online-closing file and using our click-to-sign technology," said Stewart Morris Jr., president and chief executive officer, Stewart Title Co. "We make the closing a celebration that is easy, fun and more understandable," added Morris. In addition to SureClose, Stewart Title of Lake Jackson offers its customers the ability to close online using eClosingRoom(TM). Prior to the closing, buyers and sellers can go online at their convenience using their PC, and read and sign all their non-notarized closing documents in eClosingRoom. When they arrive at Stewart Title for the actual closing with the notary, e-signing the remaining documents takes about 17 minutes. After closing, the closing package remains online and is submitted to the Brazoria County Clerk via Stewart's e-recording software. "As long as I can close before 3 p.m., I can have the deed back before 5 p.m.," said Diane Ragsdale, branch manager, Stewart Title of Lake Jackson. "My customers are just blown away when I ask them at the closing table, 'Would you like your real estate agent to bring your deed by your home today, or would you like to come by and pick it up?' "We are now able to offer same-day service, and our customers enjoy the process, too," said Ragsdale. "We've been accepting e-recordings successfully for the past year," said Brazoria County Clerk Joyce Hudman. "For us, it has cut a four-step process down to one step. In addition, our filers know within 30 minutes whether their recording has been accepted or rejected and can make any corrections if necessary." The crucial part of the equation was finding the lender who would be a part of the process. Stewart Title found that in TDECU, a financial entity with more than 100,000 members and nearly $1.2 billion in assets. "I have an online mortgage application with a two-minute approval," said Loretta Williams, TDECU vice president of real estate lending. "Our members have the easiest access to their closing documents and can get with us prior to closing if they have any questions. People are busy and everything is moving toward electronic delivery. "I am proud to be a major player in making mortgage loans in this area," said Williams. "We were proud to be chosen by Stewart to be their lender to partner on these totally electronic closings." Donna Peiser operates her real estate business online through the use of SureClose. With SureClose, Peiser is able to provide her home buyers and sellers a new level of service with instant online access to status of the transaction. Her office was one of the first in the area to use SureClose. "My buyers and sellers really like it and it makes it easier for me to get the deal done," said Peiser. About Stewart Stewart Title Co. and Stewart Title of Lake Jackson are wholly owned subsidiaries of Stewart Information Services Corp. (NYSE: STC), a customer-driven, technology-enabled, strategically competitive, real estate information, title insurance and transaction management company. Stewart provides title insurance and related information services required for settlement by the real estate and mortgage industries through more than 9,500 policy-issuing offices and agencies in the United States and international markets. Stewart also provides post-closing lender services, automated county clerk land records, property ownership mapping, geographic information systems, property information reports, flood certificates, document preparation, background checks and expertise in tax-deferred exchanges. More information can be found at http://www.stewart.com. Image Available: http://www2.marketwire.com/mw/frame_mw?attachid=588691 Embedded Video Available: http://www2.marketwire.com/mw/release_html_b1?release_id=307827 Contact: Ted C. Jones Director-Investor Relations (713) 625-8014 ted@stewart.com
SOURCE: Stewart Title
Learn More About eMortgages at: http://www.closingprime.com/forum/forum.asp?FORUM_ID=7
An innovative cast of individuals in a growing community of 27,000 just 50 miles south of Houston is quietly making history with same-day service in residential real estate closings and recordings. A local real estate professional, lender and title agent all meet online via Stewart Title's (NYSE: STC) SureClose(R) to complete residential real estate closings -- allowing home buyers and sellers to receive their title policy, note and deed all on the same day as the purchase of their new home. Stewart Title of Lake Jackson produces the title commitment and the closing documents using the AIM(R) title production system and SureClose. As the transaction manager, Stewart Title invites real estate agents such as Real Estate Plus broker/owner Donna Peiser, lenders such as Texas Dow Employees Credit Union (TDECU), and home buyers and sellers online to SureClose to see the status of the transaction. "At Stewart Title we strive to provide the best possible closing experience by providing visibility of the process to all the parties, placing the accumulation of closing documents in a secure online-closing file and using our click-to-sign technology," said Stewart Morris Jr., president and chief executive officer, Stewart Title Co. "We make the closing a celebration that is easy, fun and more understandable," added Morris. In addition to SureClose, Stewart Title of Lake Jackson offers its customers the ability to close online using eClosingRoom(TM). Prior to the closing, buyers and sellers can go online at their convenience using their PC, and read and sign all their non-notarized closing documents in eClosingRoom. When they arrive at Stewart Title for the actual closing with the notary, e-signing the remaining documents takes about 17 minutes. After closing, the closing package remains online and is submitted to the Brazoria County Clerk via Stewart's e-recording software. "As long as I can close before 3 p.m., I can have the deed back before 5 p.m.," said Diane Ragsdale, branch manager, Stewart Title of Lake Jackson. "My customers are just blown away when I ask them at the closing table, 'Would you like your real estate agent to bring your deed by your home today, or would you like to come by and pick it up?' "We are now able to offer same-day service, and our customers enjoy the process, too," said Ragsdale. "We've been accepting e-recordings successfully for the past year," said Brazoria County Clerk Joyce Hudman. "For us, it has cut a four-step process down to one step. In addition, our filers know within 30 minutes whether their recording has been accepted or rejected and can make any corrections if necessary." The crucial part of the equation was finding the lender who would be a part of the process. Stewart Title found that in TDECU, a financial entity with more than 100,000 members and nearly $1.2 billion in assets. "I have an online mortgage application with a two-minute approval," said Loretta Williams, TDECU vice president of real estate lending. "Our members have the easiest access to their closing documents and can get with us prior to closing if they have any questions. People are busy and everything is moving toward electronic delivery. "I am proud to be a major player in making mortgage loans in this area," said Williams. "We were proud to be chosen by Stewart to be their lender to partner on these totally electronic closings." Donna Peiser operates her real estate business online through the use of SureClose. With SureClose, Peiser is able to provide her home buyers and sellers a new level of service with instant online access to status of the transaction. Her office was one of the first in the area to use SureClose. "My buyers and sellers really like it and it makes it easier for me to get the deal done," said Peiser. About Stewart Stewart Title Co. and Stewart Title of Lake Jackson are wholly owned subsidiaries of Stewart Information Services Corp. (NYSE: STC), a customer-driven, technology-enabled, strategically competitive, real estate information, title insurance and transaction management company. Stewart provides title insurance and related information services required for settlement by the real estate and mortgage industries through more than 9,500 policy-issuing offices and agencies in the United States and international markets. Stewart also provides post-closing lender services, automated county clerk land records, property ownership mapping, geographic information systems, property information reports, flood certificates, document preparation, background checks and expertise in tax-deferred exchanges. More information can be found at http://www.stewart.com. Image Available: http://www2.marketwire.com/mw/frame_mw?attachid=588691 Embedded Video Available: http://www2.marketwire.com/mw/release_html_b1?release_id=307827 Contact: Ted C. Jones Director-Investor Relations (713) 625-8014 ted@stewart.com
SOURCE: Stewart Title
Learn More About eMortgages at: http://www.closingprime.com/forum/forum.asp?FORUM_ID=7
Countrywide eMortgages
Countrywide Home Loans Partners with RealEC Technologies to Deliver Online Closing Platform9:29a ET October 10, 2007 (PR NewsWire)
RealEC Technologies Inc., the leading provider of collaborative network solutions to the mortgage industry, today announced it has entered into an agreement with Countrywide Home Loans, Inc., a division of Countrywide Financial Corporation, allowing Countrywide to use RealEC's Web-based closing platform for mortgage refinance and home equity lending transactions. Through the new agreement, Countrywide has licensed RealEC's Web-enabled closing service and has integrated the service into its TS2 settlement services platform, which was built using the RealEC Collaborative Network Platform. "RealEC is extremely excited, once again, to partner with Countrywide Home Loans to bring another innovative new industry utility to market," said Dan Sogorka, president of RealEC Technologies. "We believe that by deploying incremental pieces of an e-mortgage solution, all parties can gain significant process efficiencies and align business and technology paths with true electronic collaboration." RealEC's Web-enabled closing service enables Countrywide to offer this new closing option as a convenience to its borrowers and have the resulting closing orders supported by its preferred title and closing providers nationwide. Countrywide's origination groups can place orders for the Web- enabled closing service with any title and closing service provider that is certified and available through the RealEC network. Those service orders then are fulfilled and completed through Countrywide's licensed version of the RealEC platform. "Countrywide is committed to continually delivering innovative new services that offer more convenience and flexibility to our customers," said Richard Marron, executive vice president of strategic partnerships for Countrywide Home Loans. "The Web-enabled closing service delivered through RealEC's Collaborative Network Platform will deliver these important benefits to our customers while leveraging our existing investment in our core settlement services platform. We view this as an important step toward offering our customers an increasingly electronic mortgage-fulfillment process." The service allows each title and closing provider supporting Countrywide to control the entire closing process, eliminating the need to coordinate with multiple third-party providers. As a result, the borrower may schedule the secure closing as early as possible during the application process. Also, since this closing session is Web-based, the borrower may participate from any geographic location. About RealEC Technologies Founded in 1998, RealEC Technologies provides supply chain management software, integration services, intelligent product decision tools, vendor sourcing tools and a robust B2B exchange for mortgage loan originators, real estate agents and settlement service providers. RealEC operates the RealEC Exchange(TM), the leading Electronic Partner Network (EPN) in the mortgage industry, and provides partner connectivity, automated vendor management, advanced data capture and document management services to more than 2,000 mortgage originators (including 17 of the top 20) and more than 13,000 service providers. RealEC's services enable lenders and their business partners to electronically connect, collaborate and automate their business processes to eliminate paper, manual processing and other sources of friction in the origination and servicing of mortgage loans. The company's products and services are designed to automate the origination, servicing, statusing and closing of real estate transactions and enable real estate transaction participants to significantly enhance their business by increasing operational efficiencies, improving customer service and generating new sources of revenue. RealEC Technologies has significant equity ownership from Fidelity National Information Services, Inc. (NYSE: FIS), Stewart Title Company (NYSE: STC), and LandAmerica Financial Group (NYSE: LFG). For more information, visit www.realec.com. About Countrywide Financial Corporation Founded in 1969, Countrywide Financial Corporation -- America's number one home loan lender as ranked for 2006 by Inside Mortgage Finance (Feb. 2, 2007) -- is a member of the S&P 500 and Fortune 500. Countrywide, through its subsidiaries, provides mortgage banking and diversified financial services in domestic and international markets. Mortgage banking businesses include loan production and servicing principally through Countrywide Home Loans, Inc., which originates, purchases, securitizes, sells and services residential loans. The company is headquartered in Calabasas, Calif., and has a workforce of more than 56,000 individuals and over 900 offices worldwide. For more information about the company, visit Countrywide's Web site at www.countrywide.com. SOURCE RealEC Technologies Inc.
Learn More About eMortgages at: http://www.closingprime.com/forum/forum.asp?FORUM_ID=7
RealEC Technologies Inc., the leading provider of collaborative network solutions to the mortgage industry, today announced it has entered into an agreement with Countrywide Home Loans, Inc., a division of Countrywide Financial Corporation, allowing Countrywide to use RealEC's Web-based closing platform for mortgage refinance and home equity lending transactions. Through the new agreement, Countrywide has licensed RealEC's Web-enabled closing service and has integrated the service into its TS2 settlement services platform, which was built using the RealEC Collaborative Network Platform. "RealEC is extremely excited, once again, to partner with Countrywide Home Loans to bring another innovative new industry utility to market," said Dan Sogorka, president of RealEC Technologies. "We believe that by deploying incremental pieces of an e-mortgage solution, all parties can gain significant process efficiencies and align business and technology paths with true electronic collaboration." RealEC's Web-enabled closing service enables Countrywide to offer this new closing option as a convenience to its borrowers and have the resulting closing orders supported by its preferred title and closing providers nationwide. Countrywide's origination groups can place orders for the Web- enabled closing service with any title and closing service provider that is certified and available through the RealEC network. Those service orders then are fulfilled and completed through Countrywide's licensed version of the RealEC platform. "Countrywide is committed to continually delivering innovative new services that offer more convenience and flexibility to our customers," said Richard Marron, executive vice president of strategic partnerships for Countrywide Home Loans. "The Web-enabled closing service delivered through RealEC's Collaborative Network Platform will deliver these important benefits to our customers while leveraging our existing investment in our core settlement services platform. We view this as an important step toward offering our customers an increasingly electronic mortgage-fulfillment process." The service allows each title and closing provider supporting Countrywide to control the entire closing process, eliminating the need to coordinate with multiple third-party providers. As a result, the borrower may schedule the secure closing as early as possible during the application process. Also, since this closing session is Web-based, the borrower may participate from any geographic location. About RealEC Technologies Founded in 1998, RealEC Technologies provides supply chain management software, integration services, intelligent product decision tools, vendor sourcing tools and a robust B2B exchange for mortgage loan originators, real estate agents and settlement service providers. RealEC operates the RealEC Exchange(TM), the leading Electronic Partner Network (EPN) in the mortgage industry, and provides partner connectivity, automated vendor management, advanced data capture and document management services to more than 2,000 mortgage originators (including 17 of the top 20) and more than 13,000 service providers. RealEC's services enable lenders and their business partners to electronically connect, collaborate and automate their business processes to eliminate paper, manual processing and other sources of friction in the origination and servicing of mortgage loans. The company's products and services are designed to automate the origination, servicing, statusing and closing of real estate transactions and enable real estate transaction participants to significantly enhance their business by increasing operational efficiencies, improving customer service and generating new sources of revenue. RealEC Technologies has significant equity ownership from Fidelity National Information Services, Inc. (NYSE: FIS), Stewart Title Company (NYSE: STC), and LandAmerica Financial Group (NYSE: LFG). For more information, visit www.realec.com. About Countrywide Financial Corporation Founded in 1969, Countrywide Financial Corporation -- America's number one home loan lender as ranked for 2006 by Inside Mortgage Finance (Feb. 2, 2007) -- is a member of the S&P 500 and Fortune 500. Countrywide, through its subsidiaries, provides mortgage banking and diversified financial services in domestic and international markets. Mortgage banking businesses include loan production and servicing principally through Countrywide Home Loans, Inc., which originates, purchases, securitizes, sells and services residential loans. The company is headquartered in Calabasas, Calif., and has a workforce of more than 56,000 individuals and over 900 offices worldwide. For more information about the company, visit Countrywide's Web site at www.countrywide.com. SOURCE RealEC Technologies Inc.
Learn More About eMortgages at: http://www.closingprime.com/forum/forum.asp?FORUM_ID=7
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