Stewart Lender Services has developed an interesting concept based on the emerging trend of increased governmental regulations– including the Consumer Financial Protection Bureau (CFPB) regulations where a greater portion of the responsibility for the real estate transaction is being placed on lenders. As your trusted provider, we’re changing the way real estate transactions are handled by centralizing your purchase transactions.
Under this concept, the lender suggests their title company provide support for the purchase transaction from order open through funding and final title policy. This would allow lenders more effective oversight and efficiency in the management of the purchase transaction process through the use of both our direct operations and its high-quality provider network. It also allows banks to meet requirements set forth in the CFPB Service Provider Bulletin and recently updated the Office of the Comptroller of the Currency (OCC) Guidelines for third-party risk.
We have a highly efficient and effective centralized process for title and closing support. We have systems, and processes in place for managing the title production, processing of documents from borrowers and local closing representation.
At a high level, we can perform the following functions on behalf of the lender:
- Partnership in compliance for the CFPB Service
- Centralized order placement
- Rates utilized at a state level for purchase transactions
- Lender portal/order status
- Centralized escrow accounting
- High touch customer contact
Provider and OCC third-party risk
Working with our network of Stewart policy-issuing offices makes sense in no small part due to our heavy investment in doing business the proper way, illustrated by our excellent corporate governance and through the following:
- Deloitte third-party audits
- Single title production system
- Centralized software controls
- SureClose® document management platform
- Centralized escrow accounting providing more controls through a central funding platform
- Corporate insurance to protect against Errors & Omissions losses and employee theft
- Corporate Pricing Committee that meets quarterly to ensure compliant and competitive nationwide and state level pricing
- Employee background checks and drug screening standards
- Policies and procedures maintained and monitored at the local and corporate level to ensure consistency
- Legal and regulatory monitoring to ensure compliance
- Central management of consumer complaints with a ticketing system that maintains timely responses and tracking for resolution
All services and products referenced herein are offered by or through a member of the Stewart family of companies, as applicable, and may vary by state or local jurisdiction. The statements herein are not a representation that services or products are being offered or performed by Stewart Lender Services or any particular Stewart company. Where applicable, all services and products are performed and produced by an entity fully licensed to do so.