LSI And ClosingGuard On-Line Closing Simulation Workshop Scores A Win At Mortgage EC Conference.Business Editors NEW YORK--(BUSINESS WIRE)--Dec. 14, 2000 Industry Leaders Report Praise for ClosingGuard's Structured and Disciplined Approach to Online Mortgage Closings ClosingGuard, (www.closingguard.com), a leading online mortgage closing system working with the nation's top mortgage and title insurers to facilitate online mortgage closings, reported overall success and industry accolades for their on-line closing demonstration at last week's Mortgage EC Conference in Las Vegas Las Vegas (läs vā`gəs), city (1990 pop. 258,295), seat of Clark co., S Nev.; inc. 1911. It is the largest city in Nevada and the center of one of the fastest-growing urban areas in the United States. . The event marked ClosingGuard's Version 2.0 product release and the rollout of a pilot program with Lender's Service, Inc. to conduct several hundred online closings over the next three months. Workshop attendee Neal Siegal, Senior Manager in PriceWaterhouseCoopers financial institutions consulting practice said, "The demo clearly displayed a much needed value proposition for mortgage originators and title industry professionals. The ClosingGuard product provides a reliable, safe and efficient Internet-based option for streamlining the complexities of coordinating and completing the mortgage closing process." The demonstration traced ClosingGuard's disciplined and structured approach toward managing closing documents and capturing financial transaction information and adjustments, and illustrated the automated e-mail notifications and transaction updates to the affected parties in real time. It also showed ClosingGuard's ability to automatically prepare governmental forms (such as HUD-1), perform the automatic data exchange with backend Loan Operating Systems Operating systems can be categorized by technology, ownership, licensing, working state, usage, and by many other characteristics. In practice, many of these groupings may overlap. , and how the platform results in the culmination of a perfected closing file ready for quick transfer to the investor, custodian bailee (custodian) n. a person with whom some article is left, usually pursuant to a contract (called a "contract of bailment"), who is responsible for the safe return of the article to the owner when the contract is fulfilled. and servicers. "ClosingGuard's workshop clearly depicted to our audience of more than 40 people representing mortgage originators, settlement agents and title underwriters, the benefits of an automated closing, post-closing clean up and re-staging of the file for seamless hand-off to the investor," commented John Fries John Fry may refer to:
(Large Scale Integration) Between 3,000 and 100,000 transistors on a chip. See SSI, MSI, VLSI and ULSI. . "It also was important for our audience to understand ClosingGuard's ability to work with various eSignature technologies." Through this partnership ClosingGuard believes mortgage originators have a tool and an enabled settlement partner that will allow them to gain substantial savings, estimated at $150-$300 per transaction. Based on the success of this workshop, ClosingGuard is conducting another similar event with Thompson Financial at the end of January at The Annual Mortgage Technology Conference in Miami. LSI is the largest provider of collateral assessment services (in all 50 states) and the largest residential agency in the country (in 33 states and the District of Columbia District of Columbia, federal district (2000 pop. 572,059, a 5.7% decrease in population since the 1990 census), 69 sq mi (179 sq km), on the east bank of the Potomac River, coextensive with the city of Washington, D.C. (the capital of the United States). ). Based in Pittsburgh, Pa., LSI has relationships with 22 of the nation's top 25 mortgage banks, the biggest consumer finance companies, equity lenders and government agencies and alliances with many of the mortgage banking industry's key players, including Fannie Mae Fannie Mae: see Federal National Mortgage Association. (NYSE NYSE See: New York Stock Exchange : FNM FNM Faith No More (band) FNM Fábrica Nacional de Motores (Brazilian truck/motor company)) FNM Free National Movement (Bahamas) FNM Foot and Mouth ) and Freddie Mac Freddie Mac: see Federal Home Loan Mortgage Corporation. (NYSE: FRE FRE French FRE Freddie Mac (stock symbol) FRE Federal Rules of Evidence FRE Freedom Realty Exchange FRE Freedom Party FRE Food and Resource Economics FRE Free Range Eggs FRE French Real Estate ). "The workshop made me realize that I can use ClosingGuard's solution to improve upon the out-dated closing process that is currently a way of life. ClosingGuard brings the whole transaction and its participants together in a very seamless and structured fashion, which will benefit my mortgage originator clients, as well as buyers and sellers," said Christine Mittelstadt, president of PowerPro. For each closing, ClosingGuard creates a ClosingSpace(SM), which holds all data securely on the company's servers. Customers can use any Web-enabled PC to access the service. Lenders, title insurers and other real estate professionals manage and update all forms online, reducing costs and errors. Complete closing packages are available immediately following the actual closing, significantly reducing a post-closing delay in delivering a perfected and accurate mortgage file to warehouse banks, investors, servicers and custodians
The Custodians is terminology in the Bahá'í Faith, which refers to nine Hands of the Cause assigned specifically to work at the Bahá'í World Centre in attendance to the Guardian of the Faith. . LSI's AssetLink subsidiary specializes in post-closing services, government submissions and document retrieval The ability to search for documents by keywords and other attributes such as date and author. It implies that the documents have been indexed on all pertinent fields and that keywords have been chosen based upon title and textual content. See document imaging and document management system. for the mortgage industry. About ClosingGuard Founded in November 1999, ClosingGuard(SM), (www.closingguard.com), is an innovative Internet application service provider (ASP) offering lenders, real estate professionals, buyers and sellers a secure and neutral platform to conduct automated closings. ClosingGuard saves a significant amount of time, reduces operational and administrative expense, and provides the professional community with an Internet-based platform to conduct residential real estate closings. ClosingGuard is meant to reduce the frustration of the current process, increase productivity and help users gain a competitive advantage. About Lender's Service, Inc.(R) Lender's Service, Inc., headquartered in Pittsburgh, is a leading provider of information management services to the real estate industry. The 33-year old company manages a broad spectrum of mortgage-fulfillment services including collateral assessment, flood, title, and closing products. Through its subsidiary, AssetLink Financial Corporation, LSI provides document and file retrieval, review, underwriting and corrections, as well as government insuring. Nearly all of the nation's top mortgage banks and lending institutions Noun 1. lending institution - a financial institution that makes loans financial institution, financial organisation, financial organization - an institution (public or private) that collects funds (from the public or other institutions) and invests them in rely on LSI's information management services. |
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