WFG Lender Services
, in conjunction with its affiliated title insurance underwriter, WFG National Title Insurance Company (WFG), has announced DecisionPoint, a new product that can process title requests within seconds by simply using the borrower's name and the property address.
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.
"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."