KeyStoneB2B says it has developed a new title product that will facilitate the title order, title close, and borrower and seller closing disclosures 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,” says 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.”
KeyStoneB2B says lenders’ rules and guidelines are stored in the system, ensuring that title companies comply with the requirements of banks and financial institutions. The platform offers the electronic capture of all compliance documents, including all policies and procedures, licenses, insurances, bonds and pertinent plans. Also, title companies’ pricing for key products and services are available with full transparency.