Stewart Provides Electronic Closing Options for Flagstar Bancorp
October 20, 2008
Stewart announced that they have successfully integrated their SureClose(R) technology with Flagstar's Loantrac System. The integration of these two technology platforms provides Flagstar borrowers and Stewart Title's closing agencies with the ability to close Flagstar loans electronically. Through a seamless integration and strong partnership, Flagstar and Stewart have created an innovative solution for mortgage brokers and title agencies.
Stewart's SureClose platform contains the eClosingRoom(TM) technology. This solution provides consumers with the ability to review and accept documents over the Internet, allowing them to simply review and electronically sign all the documents with a signature pad or with the click of a mouse at the closing.
As a result of this integration, closing agencies using the SureClose platform will be able to electronically receive loan closing documents directly from Flagstar, electronically sign and notarize the documents with the borrowers, and automatically deliver the eSigned documents from SureClose to Flagstar within minutes of the closing.
"This partnership is a perfect example of what can be accomplished when two of the industry's most innovative organizations share a common vision," said Jason Nadeau, President and CEO of Stewart Lender Services, a subsidiary of Stewart Title Company. "Flagstar is an industry mover with their eMortgage vision and in providing innovative solutions to their mortgage brokers, and Stewart is the leader amongst the title underwriters in developing and deploying eClosing solutions."
This partnership allows Flagstar to take advantage of the Stewart eMortgage suite of technologies and Stewart Title's network of eClosingRoom-enabled offices. Furthermore, Stewart's SureClose platform supports collaboration and document sharing between all parties on the closing, electronically storing the documents in an electronic vault, registering the loan with MERS and electronically delivering the loan documents to Flagstar's systems.
"We're excited to team up with Stewart to expand the use of paperless mortgage technology," said Brian Boike, First Vice President, Lending Support, at Flagstar. "Integration with the SureClose platform will accelerate Flagstar's eMortgage adoption by providing access to an additional network of title agencies who are prepared to close loans electronically."
Source: Stewart eMortgage Technologies