Accelerating the closing process in a compliant manner is a benefit to both lenders and borrowers
Middletown, RI (PRWEB) September 12, 2009
Linear Title & Closing Ltd, today announced its agreement with NexGen Compliance Solutions, LLC, to license its TitleHound software technology.
TitleHound is a patent pending title insurance rate engine that searches and electronically delivers the lowest available rates and provides lenders with up front access to settlement fees, mortgage taxes and recording fees, to assist with new borrower disclosure regulations. Borrowers benefit by having accurately quoted settlement fees when they submit mortgage applications. Delivering the best possible rate to borrowers will save hundreds of dollars per transaction.
Pursuant to the agreement, Linear Title is licensing NexGen's TitleHound technology to maximize efficiency and compliance and provide a needed solution for lenders facing the challenges of the new Mortgage Information Disclosure Act. The new changes presented by the MDIA expand the scope of Truth in Lending disclosures for mortgage transactions to include refinances and mortgage loans on all dwellings in addition to the disclosures already required for purchase and initial construction loans.
Revised disclosures are required if the annual percentage rate changes by one eighth percent or more during the loan process. Because of this regulation, lenders must delay closings for three additional days while waiting for borrowers to receive the revisions. NexGen's TitleHound provides lenders with all required information delivered electronically by the title agent, thereby shaving days off the closing process.
"Accelerating the closing process in a compliant manner is a benefit to both lenders and borrowers," said Nick Liuzza, President of Linear Title. "For lenders, it locks in interest rates, discourages borrowers from switching to another lender and generates interest sooner. By delivering all title fees, premiums and government charges up front electronically, borrowers can close their loans earlier while taking advantage of the lowest prices."
About Linear Title & Closing Ltd.
Linear Title & Closing Ltd. is a recognized industry leader that delivers settlement solutions and provides products and technology-driven integration to give mortgage professionals nationwide a competitive edge in the marketplace. Linear is located in Middletown, Rhode Island. Its centralized operations provide clients with a single point of contact to ensure consistent communications and level of service. For more information about Linear Title & Closing visit http://www.lineartitle.com.
About NexGen Compliance Solutions
NexGen Compliance Solutions, LLC, is an innovative technology driven company that provides title solutions for lenders, brokers and agents. The company is changing the face of the title and settlement industry with its flagship product, TitleHound. For more information about NexGen Compliance Solutions, LLC visit http://www.nexgencompliance.com.
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