""Sterling National Corporation"":http://www.sterlingnationalcorp.com/, an Atlanta-based provider of specialty insurance and technology-enabled[IMAGE]
solutions for the mortgage servicing industry, recently introduced Sterling Total Escrow Solutions Ã¢â‚¬" a comprehensive escrow administration solution for small lenders who have been struggling to comply with new Real Estate Settlement Procedures Act (RESPA) provisions.
""We saw that the new RESPA escrow requirements were going to create great challenges to small lenders. The regulations could have conceivably driven them out of the business of originating higher-priced mortgage loans,"" said John Tomko, product line executive for Sterling National. ""For community banks and credit unions to turn away these customers would have represented not only a loss of revenue, but a diminished relationship with their customers.""
According to Sterling National, this new offering is the industry's only complete escrow solution, and it allows small lenders to quickly order escrow administration services for new loans and generate the initial escrow disclosure statement online on ""TotalEscrowServicing.com."":http://www.totalescrowservicing.com/
Utilizing a loan wizard and single sign-on security technology, loan personnel are walked step-by-step through the process to enter borrowers' loan and property information to retrieve real-time tax line information utilizing the system's 134-million parcel strong database, Sterling National explained. From there, loan personnel have the ability to amend tax lines and enter insurance information to generate the initial escrow analysis disclosure statement.
In addition, Sterling Total Escrow Solutions includes escrow disbursement scheduling for real estate tax payments and property insurance payments as well as the generation of the annual escrow analysis statement, Sterling National said.
""Having studied this market, we understand that community banks and credit unions need the support of an escrow expert to help them be successful under these new regulations,"" Tomko said. ""The beauty is that our decade-long experience in tax servicing and thirty years of insurance tracking compliance are embedded in this solution. Now lenders won't have to choose between investing valuable time learning the ins and outs of escrow regulation or exiting the origination business.""