First American mortgage solutions, a subsidiary of the title insurer “Big Four” First American Financially, has implemented a strategic technology integration with a provider of downtime and loss mitigation workflows BackInTheBlack.
The integration enables First American Mortgage Solutions to automate loss mitigation title reports, uninsured property reports, loan modification and partial claim documents, and lien insurance directly from BackInTheBlack’s computers and workflow automation.
Previously, First American Mortgage employees had to do the process manually.
“The integrated solution offers great flexibility and efficiency, shortens lead times while maintaining compliance for these highly regulated processes,” said Chris Brinkley of First American Mortgage, who heads Servicing Business Operations, in a statement. “Given today’s economic realities, seamless integration provides lenders and service providers with quick, accurate, and easy options to keep turnaround deadlines short and help more homeowners stay in their homes.”
Product integration follows a positive quarter for First American, the second largest title insurer in the country. The company reported that refinancing volumes remained high – around 60% of open orders in the fourth quarter and January were refi deals. Purchase credits were also up 26% in January compared to December, which generally translates into higher profit margins.
HousingWire recently spoke to Susan Falsetti, Managing Director of Origination Title and Close at ServiceLink, about the state of the title industry.
Presented by: ServiceLink
All told, First American Financial had sales of $ 7.1 billion in 2020, an outstanding year for the title insurer. That was 14% more than in the previous year.
In the middle of a bigger one Arms race for the title industry“First American has been quite active in mergers and acquisitions over the past year. Shortly before historical original volumes, the company acquired software for document signing DocuTech for about $ 350 million.
A few months ago, the title insurer also increased its servicing suite with the acquisition of the Subservicer ServiceMac, which is expected to close in the course of 2021. And at the end of last month, First American reached an agreement to sell its property and casualty subsidiaries.