Press release from PR Newswire
FA Business services, LLC introduces QC@Closing?
Tuesday, October 09, 2012
FA Business services, LLC introduces QC@Closing?11:32 EDT Tuesday, October 09, 2012?First American's New Product Unlocks the Power of Closing Data to Improve Loan Quality?SANTA ANA, Calif., Oct. 9, 2012 /PRNewswire/ -- FA Business Services, LLC announced today the release of QC@Closing, its new, fully automated loan quality product that helps lenders identify and mitigate risk, save time and resources, and improve the consumer experience. Changing regulations and the risk of loan repurchase and penalties are forcing lenders to allocate more time and resources than ever before on loan-processing quality controls. Many lenders employ manual quality reviews of loan documents, which have limited success in reducing buybacks and can be costly and time-consuming. QC@Closing conducts an automated evaluation of the HUD-1 settlement statement and loan data, based on lender-defined rules, at a point in the closing process at which corrections can still be made. Possible risks and discrepancies are flagged for lenders in real time, so that they can identify and act upon them while still closing on time. "While many in our industry recognize the potential to improve compliance by manually auditing the HUD-1 settlement statement, getting this data in a consumable format has been the core challenge. With QC@Closing, we've been able to successfully extract and standardize the closing data so that it can be automatically evaluated against lender-defined rules that are tailored to each lender's programs," said Sally French Tyler, senior vice president of FA Business Services, LLC. "By helping to facilitate better and faster quality control measures at the most appropriate time in the closing process, we hope to show that settlement providers are an essential part of the solution, actively involved in improving confidence in lending for borrowers, lenders and secondary investors."QC@Closing: Consistently applies each lender's rules at the closing table ? across all geographies, business channels, and settlement agents Analyzes closing data and loan information and automatically flags possible risks and compliance issues Provides a flexible rules-management system, allowing lenders to apply standard or customized rules for each loan Delivers real-time results on every HUD-1 revision, from pre-closing to post-closing Stores the actual closing data and results for five years, even after a loan is sold or acquiredQC@Closing demonstrations can be arranged at First American's Booth (#101) during MBA's 99th Annual Convention & Expo in Chicago, Oct. 21-24, 2012. Lenders interested in learning more about QC@Closing may request a meeting at 877-409-0352 or visit www.firstam.com/qcclosing. About FA Business Services, LLCFA Business Services, LLC is a wholly owned subsidiary of First American Financial Corporation (NYSE: FAF). First American provides, through its affiliated companies, title insurance and settlement services; title plant management services; title and other real property records and images; valuation products and services; home warranty products; property and casualty insurance; and banking, trust and investment advisory services and technological solutions for the settlement services industry. More information about the company can be found at www.firstam.com. Media Contact: Investor Contact: Carrie Loranger Craig Barberio Corporate Communications Investor Relations First American Financial Corporation First American Financial Corporation (714) 250-3298 (714) 250-5214 SOURCE FA Business Services, LLC