WFG Lender Services, in conjunction with its affiliated title insurance underwriter, WFG National Title Insurance Company (WFG), a Portland-based provider of title insurance and real estate settlement services, announces DecisionPoint, a new product that can process title requests within seconds by simply using the borrower's name and the property address.
DecisionPoint uses a proprietary algorithm that delivers a full, detailed title report within five seconds, alerting lenders whether the title is "clean," meaning a title insurance loan policy can be issued, or whether curative measures are necessary before a title insurance policy can be issued. As a result, lenders using DecisionPoint can better manage their loan pipeline by accelerating the processing of loans with clear title and closing faster, while also shifting more personnel and resources to cure problem loans.
When lenders find out early in the loan process whether a property needs title clearance, they are able to obtain critical information from borrowers during their first meeting or call to eliminate potential title issues that may scare their borrowers away. Lenders can also generate a loan estimate, and obtain borrower consent, thus reducing loan application drop-out rates. By using DecisionPoint, loans move faster through the origination process benefitting borrowers with potentially shorter application-to-close timeframes and more advantageous interest rates.
"By making sure a loan is good to go as early as possible, DecisionPoint allows lenders to jumpstart their underwriting process," said Matt Slonaker, SVP and head of enterprise solutions sales at WFG Lender Services. "It makes the title process more efficient and saves more loans."