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Equity National Title Launches Transaction Management Application

Equity National Title, a national settlement services provider, has launched a transaction management application which allows all parties to monitor the status of a real estate transaction in real time. Equity National Title partnered with Salem, Massachusetts-based Easy Mortgage Apps in the design and production of the new app. It is believed to be among the first to allow REALTORS, loan officers and consumers to securely monitor their transactions from the moment they enter Equity National Title’s workflow until the real estate closing.  

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The app will allow users to place orders; generate quotes; receive and share status updates and even determine whether an eClosing is permissible and, if so, in what form. All functions are available to the user 24/7 and any authorized user with Internet access can access the information. Users can also upload documents (such as missing identification; buyer authorizations and the like) and see scheduled closings, including the location (and map directions) and parties expected to attend. The app also sets forth the process in a series of timelines, including important dates and milestones, as well as current status.  The app is available for Apple devices.

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“The industry has talked for decades about an easier way for REALTORs, loan officers and borrowers to know where the transaction stands without having to call the title company,” said James K. O’Donnell, Esq., President of Equity National Title. “It has historically been one of the chokepoints of the transaction. With the Equity National Title app, authorized users simply have to log in—at any time of the day—to see exactly where their deals are. No voice mails. No waiting. No miscommunication.”

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According to O’Donnell, the app came about after a series of anonymous surveys Equity National Title conducted among mortgage lenders and REALTORS. The consensus finding in the surveys was that loan officers and REALTORS alike sought, above all else, responsiveness and clear communication from their title and settlement services partners.  Easy Mortgage Apps President, Michael Kelleher, agreed. “The idea of using an app to cut unnecessary waiting and uncertainty from the process was past due for the industry, and we were delighted to partner with Equity National Title to make it reality. In fact, we went from concept to launch in about 90 days.  Both partners were on the same page with the same focus:  eliminating as much wasted time and needless delay from the title transaction as possible.”

O’Donnell continued, “As important as compliance and service are, we’ve been told repeatedly that our lender and REALTOR partners want, above all else, to know exactly where the transaction is at all times…and not have to wait or dial into a website to chase that information.  The app will save users an enormous amount of time and help improve the L.O.’s ability to serve her own clients as well as the clients’ real estate agents.

O’Donnell is quick to confirm that security is not compromised for convenience with the Equity National Title app. Users must undergo a three-step authentication process, including an initial authorization which identifies (and later confirms) the device being used by the authorized party. The access to the production system is also not direct, but instead, routed through an intermediate server designed to prevent unauthorized access to the platform.  The app has no connection to or access to NPPI whatsoever.

Tony Garritano

Tony Garritano is chairman and founder at PROGRESS in Lending Association. As a speaker Tony has worked hard to inform executives about how technology should be a tool used to further business objectives. For over 10 years he has worked as a journalist, researcher and speaker in the mortgage technology space. Starting this association was the next step for someone like Tony, who has dedicated his career to providing mortgage executives with the information needed to make informed technology decisions. He can be reached via e-mail at tony@progressinlending.com.

Integration Speaks To Mobile Lending Trends

FormFree Holdings Corporation, a provider of automated asset verifications for the mortgage industry, has successfully launched the integration of its flagship product, AccountChek, with Easy Mortgage Apps. The integration enables loan officers and underwriters to verify mortgage applicants’ financial asset data through mobile devices, allowing for a more streamlined lending process for customers.

AccountChek is a web-based platform that empowers users to order, analyze, and certify a borrower’s bank statement data electronically, rather than borrowers having to produce paper documents. By pulling data directly from the financial institution, loan officers and underwriters can verify the applicant’s deposits and assets in minutes instead of days. The result is a report that makes lending decisions easier and more secure.

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By partnering with Easy Mortgage Apps, lenders will now be able to use AccountChek securely through a mobile device.

“Easy Mortgage Apps looks forward to partnering with FormFree to offer consumers a mobile-centric and more efficient way to instantly provide integral banking documentation,” said Michael Kelleher, president and founder of Easy Mortgage Apps. “The result is a streamlined lending process.”

“This relationship demonstrates our promise to offer new technologies and services designed to enhance the experience and allow our clients to effectively market to the millennial home buyer’s behaviors,” Kelleher added. “These potential home buyers require efficient, real time and on-demand access to their loan file. With seamless tracking, quick updates and real-time communication, this will be the kind of mortgage application process millennials will appreciate.”

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“This partnership further illustrates our involvement in the digital evolution of lending,” Brent Chandler, FormFree’s CEO, said. “I am excited to be working with Michael and his team to deliver an entirely mobile solution for lenders to more quickly and securely verify their loan applicants’ bank statements digitally.”

“Consumers are more comfortable than ever using their mobile devices for everything from communication to conducting sophisticated transactions,” Chandler said. “This integration allows everyone to move through the loan process faster while enabling lenders to make better credit decisions.”

By eliminating the need for paper bank statements, AccountChek also helps significantly reduce buyback exposure and fraud, while also providing lenders with an easy solution for complying with new “ability-to-pay” rules. The underlying technology behind AccountChek was awarded a U.S. patent in 2014 for its proprietary process of electronic certification of a borrower’s bank account data.