New Vista Solutions (NVS)
has announced the release of FastTrack, a new product for refinance and home equity lenders that reduces costs and the time required to close loans.
FastTrack is a bundle of settlement services that can be customized to fit each lender's specific operational guidelines. The settlement products available in the bundle are designed to accelerate the loan closing process, while maintaining compliance and cutting the cost of traditional settlement products and services by as much as 70 percent.
One of the featured products within the FastTrack bundle automates the process of acquiring employment, income and asset verification.
Lenders can choose from a variety of products such as a flood determination, a residential evaluation (warranty is optional), a hybrid appraisal (USPAP compliant) and a warranted title search. FastTrack also offers a title search with recordation, with a warranty on both services (FastTrack TSR). Home equity lenders can also add a Property Condition Report (PCR) and a Mortgage Loan Report.
"Our lender customers have been asking for a way to streamline their lending process while cutting costs and maintaining compliance," said Jesse Rivera, chief executive officer at New Vista Solutions. "We're excited to be able to offer this new service."