Lenders who use the Mortgage Builder Loan Origination System (LOS) will now be able to access the Premium Title, an escrow and title service, directly from the LOS interface. The integration of these two pieces of software will let lenders close loans faster and more cheaply.
Following the integration, lenders will be able to share information and documents between Premium Title and Mortgage Building. They will be able to auto-fill the title fees field in Mortgage Builder, allowing them to provide their clients with an exact figure for their title costs. This price will be guaranteed with a compliance certificate, which will also be auto-populated by Premium Title into the LOS form.
As far as ensuring that all fees are disclosed at the time of sale, that comes from the estimation or adjustment in the fees that are generated by the loan. The list of all of these fees will be maintained in LOS so they can be disclosed quickly to the borrowers in accordance with TILA/RESPA Integrated Disclosure (TRID) regulations. TRID regulations state that these fees and other information must be disclosed to the buyer a minimum of three business days before the closing. This applies to all businesses that offer mortgage loans, including banks, with a few small exceptions.
Both Premium Title and Mortgage Builder LOS are services offered by Altisource Portfolio Solutions. In addition to these two tools, Altisource also provides a variety of other mortgage, financial, real estate, and investor services.