TransUnion Expedites the Loan Closing Process with Alternative Title Assurance Offering
October 1, 2004
StreamLoan Title brings home equity lenders an innovative solution that protects collateral security and eliminates the typical delays caused by title insurance
TransUnion Settlement Solutions today unveiled StreamLoan Title, an alternative title insurance-backed solution for home equity lenders who want to improve the timeliness of loan closings and ensure collateral protection.
Offered in association with two leading title insurance underwriters, StreamLoan Title enhances TransUnion's end-to-end real estate settlement offering. The cost-effective solution provides lenders with a Master Title Insurance Loan Policy that protects each security interest created through their qualifying residential home equity loan program. The end result is an effective way to reduce risk, costs and processing time for lenders.
"With StreamLoan Title, lenders can now accelerate the loan closing process, while also ensuring true title insurance protection," said Gregory Oxley, group vice president of Title Insurance for TransUnion Settlement Solutions. "The solution minimizes the risk that lenders would be otherwise exposed to when using non-insured title information reports and lien protection products."
StreamLoan Title is underwritten by a true title insurance policy and offers collateral protection that is acceptable for the risk involved. An individual loan certificate is issued for each loan that is underwritten to the approved guidelines and procedures, and serves as evidence of the lender's title insurance coverage. StreamLoan Title allows lenders to schedule a loan closing at the time the application is accepted by protecting the mortgage lien position, the sufficiency of the legal description and any vesting issues. Each loan is covered by title insurance up to the principal loan amount plus costs of policy defense.
"Our innovative title solution allows lenders to avoid the traditional delays associated with title insurance; maximize protection of security interests; and increase profitability by closing more loans and reducing transaction costs," added Oxley.