Directly Integrating Title Agent with a Major Lender

Directly Integrating Title Agent with a Major Lender

A leading Title and Escrow company that communicates with a major lender for the bulk of its business.

Existing Process
Our client used a third-party portal to communicate with the lender. Every new order initiated by the lender had to pass through this portal before being sent to the title agent. This required the title agent to pay a per-click fee to the third party, with an average cost of $15, against every order. This method of communicating with the lender also required regular maintenance by in-house development resources.

AtClose Solution
The AtClose team developed a sophisticated solution that facilitated integration with the lender, eliminating the need for this third party service. This solution resulted in a direct channel between our client and the lender that supported all key events, both inbound and outbound, and covers the complete title and closing order lifecycle, including Good Faith Estimate (GFE) generation, order confirmation, Title Delivery and Curative, HUD statements, scheduling and post-closing. The AtClose lender integration solution uses an XML framework to send orders and receive status updates in a standards-based format, making it easy to configure for other partners’ needs.

Business Benefits
Implementing a direct lender integration allowed our client to eliminate the per-click and maintenance costs associated with the third-party communication service, and provided a secure, direct, and more efficient connection to the lender.

Implementing this custom integration cost $156,000. Based on an average of 10,000 files processed per month at $15 per file, the AtClose integration solution saved our client $594,000 over a 5 year period.