First American Introduces Web Services-Based Platform for Bundled Services
March 15, 2004
PHOENIX, /PRNewswire-FirstCall/ -- The First American Corporation (NYSE: FAF) unveiled the mortgage industry's first integrated Web services-based production and delivery platform today at the 2004 Mortgage Banking Association's National Technology in Mortgage Banking Conference and Expo in Phoenix. First American's new technology platform is the only system capable of intelligently creating product bundles, managing electronic invoices and offering lenders the ability to support the Guaranteed Mortgage Package Agreement (GMPA).
Two of the nation's top 10 mortgage lenders are currently in production with the first release of the company's new platform. First American is successfully completing the first phase of its program to offer a streamlined, one-stop customer experience. The new platform provides access to First American's full suite of product bundles and sets a new standard for the way the mortgage industry will consume real estate data products and services.
"The introduction of First American's new Web services-based architecture represents a significant advance in the way settlement services will be ordered and delivered," said Roger S. Hull, senior vice president and chief information officer for The First American Corporation. "While the platform can support the traditional ordering and delivery functions of existing e-commerce platforms, its real power is its ability to provide our clients with real-time pricing on products as individual units or discounted, customized bundles."
The system will guarantee the quote to the customer for a period of time allowing the buyer to leave the system to shop for competitive pricing or return to execute the order at a later date.
"This is tremendously important as the industry attempts to move toward guaranteeing borrowers' closing costs at the point of sale and enabling GMPA offerings," Hull continued. "First American is the only company that can provide comprehensive bundles, and support them with a highly-scalable architecture that is easier and less costly to deploy."
First American's technology platform conforms to industry standards, including the Mortgage Information Standards Maintenance Organization's (MISMO) designation for XML and web services. Designed for the utmost in flexibility and scalability, First American's technology platform can be easily and cost effectively integrated with lenders' existing loan origination systems and other internal or external systems. The bundling technology also enables lenders to competitively respond to market demands and satisfy regulatory requirements for guaranteed pricing.
Source: The First American Corporation