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Orion Financial to Begin Offering Streamlined Settlement Services

NationalMortgageProfessional.com
Feb 20, 2013

Orion Financial Group Inc. has announced that it is now providing streamlined settlement services to investors. The new offering provides a one-stop, efficient solution for small- to medium-size investors, including those who are selling real estate-owned (REO) properties. “We are coordinating and scheduling settlement services for small to medium investors,” said Mike Wileman, Orion’s president and CEO. “We have partnered with Lenders Title Solutions to provide title and closing services nationwide, so we save our clients time and money,” Wileman explained. Investors can opt to contract Orion for title commitments only, and then expand the service to title policies along with closing services." Orion’s settlement services offering is just one of several new solutions the company will be introducing in 2013, Wileman added. Since its inception in 1993, Orion has grown significantly in terms of its business and revenues. In the last five years alone, Orion has seen a 170 percent increase in the number of transactions it performs. In addition, the company’s client base has tripled since 2008, he said. “Investors often need to do a title search, and subsequently obtain a title policy. They’re working with different companies at different times. By turning these functions over to Orion, investors save themselves time and frustration,” Wileman said. “They won’t need to work on building their own national database of title and closing providers because we already have access to a national network.” A title commitment is more in-depth than a current owner search, and can also be converted into a title policy, while a current owner search cannot, Wileman noted. “We still offer current owner searches for our clients, but this product is more in depth for investors who may be looking to sell their assets. By ordering a title commitment on a pool of loans, investors are able to quickly see what liens are against the properties, and they can make a more informed decision on which assets they purchase,” he said. If the investor then decides to sell the assets, Orion converts the commitment to a title policy, and begins to move the loans through closing services. This includes obtaining the signed real estate contract, closing instructions, and providing the HUD-1 form to all parties for review. Orion will also notify all parties of the scheduled closing time and location.
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