FA Business Services LLC has announced the release of QC@Closing, a fully automated loan quality product that helps lenders identify and mitigate risk, save time and resources, and improve the consumer experience. 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.”
FA Business Services LLC is a wholly-owned subsidiary of First American Financial Corporation, a provider, 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.
