WFG Lender Services Announces “Five-Second” Title Report
DecisionPoint reduces application drop-out rates by providing lenders with an instant title grade and report
May 9, 2019 – Portland, Ore. – WFG Lender Services, in conjunction with its affiliated title insurance underwriter, WFG National Title Insurance Company (WFG), a Portland-based, full-service provider of title insurance and real estate settlement services, announces DecisionPoint, a new product that can process title requests within seconds by simply using the borrower’s name and the property address.
Lenders will know almost instantly the title processing time as well as any curative steps needed based on the results. This is a big improvement over the competition, which often requires the borrower’s Social Security number and provides only a simple grade rather than a full report.
DecisionPoint uses a proprietary algorithm that delivers a full, detailed title report within five seconds, alerting lenders whether the title is “clean,” meaning a title insurance loan policy can be issued, or whether curative measures are necessary before a title insurance policy can be issued. As a result, lenders using DecisionPoint can better manage their loan pipeline by accelerating the processing of loans with clear title and closing faster, while also shifting more personnel and resources to cure problem loans. Combined, lenders are able to reduce their application-to-close timeframes, close more loans and improve borrower satisfaction.
When lenders find out early in the loan process whether a property needs title clearance, they are able to obtain critical information from borrowers during their first meeting or call to eliminate potential title issues that may scare their borrowers away. Lenders can also generate a loan estimate, and obtain borrower consent, thus reducing loan application drop-out rates. By using DecisionPoint, loans move faster through the origination process benefitting borrowers with potentially shorter application-to-close timeframes and more advantageous interest rates.
“By making sure a loan is good to go as early as possible, DecisionPoint allows lenders to jumpstart their underwriting process,” said Matt Slonaker, senior vice president and head of enterprise solutions sales at WFG Lender Services. “It makes the title process more efficient and saves more loans.”
WFG is a national settlement services company that applies its superior technology and closing process to take the time out of the real estate transaction. WFG strives to adapt its services to meet the needs of its customers.
About WFG National Title Insurance Company
Portland, Oregon-based WFG National Title Insurance Company (WFG), a Williston Financial Group company, is a new breed of national real estate service providers and title insurance companies powered by innovation and collaboration. Founded in 2010, WFG has become the fastest growing national title underwriter, creating and delivering a comprehensive suite of real estate-related services and technology. In all that it does, WFG strives to improve the real estate transaction, while increasing transparency and empowerment to the title agent, lender, realty professional and consumer.
WFG enjoys a Financial Stability Rating of ‘A’ (A prime) as assigned by Demotech, Inc. Built around the directive to “communicate, collaborate, coexist,” WFG has worked to introduce a superior level of client commitment and service to the traditional mortgage and real estate industry, working to meet the changing needs of its clients, agents and associates. For more information, please go to www.WFGNationalTitle.com.