Stewart In The Studio E07 - How to Improve Your Title Technology Experience

What if you could streamline your loan closing process and make better financial decisions in mere seconds? Imagine having instant access to all the critical data you need at your fingertips. That's precisely what we explore in this episode as we sit down with Brent from Stewart headquarters in Houston, Texas. Brent unveils the groundbreaking capabilities of Stewart’s sub-second snapshot data tools, designed to provide lenders with immediate, customizable insights. From tackling vesting issues to assessing automated valuations, these tools equip lenders to make swift, informed decisions, ensuring a seamless transaction process for all parties involved.

But that's not all; our conversation extends to Stewart's seamless LOS integrations and the genius behind Stewart Integrate. Whether you're a large-scale lender using major LOS platforms or a small credit union needing a straightforward ordering portal, Stewart has a solution tailored for you. Brent also introduces us to the Stewart Accelerate suite, a game-changer in the industry with its automated title search technology. Leveraging data aggregators, this technology accelerates the underwriting process, meeting tight commitment turnaround times and expanding capabilities across numerous states. Tune in to discover how these innovations are revolutionizing the title industry and enhancing operational efficiency for lenders nationwide.

Transcript

Speaker 1: 0:02

Advancements in title tech is today's hot topic. Listen to learn more about Stewart's instant title process, numerous LOS integrations and Stewart's new sub-second snapshot data tools that help lenders close more loans faster than ever.

Speaker 2: 0:15

From the Stewart headquarters in Houston, texas, usa. It's Stewart in the studio.

Speaker 1: 0:21

We're live in three, two one.

Speaker 3: 0:24

And we're on the air Brent.

Speaker 4: 0:26

we really cover everything from lead generation and pre-qualification to application processing and underwriting, approval, closing and funding, absolutely from A to Z. We cover everything there. But let's start off with Snapshot.

Speaker 3: 0:39

There's a lot of data out there across various regions and we're looking to take advantage of that by bringing in that data really quick, being able to run it against some rules that we can customize with a specific lender and really giving them that snapshot of the specific property they're looking at. Right, so you've got customizable rules and we can say does that rule pass or fail? And really gives the lender something that they can get in their hands immediate, maybe while they're on the phone with a borrower and they're going through their interest in doing, say, a home equity loan, and they can look at those things. Hey, who's this vested in? Okay, I see it's vested in a husband and wife.

Speaker 3: 1:17

What open liens do you have on the property? Are your taxes current? Just all those things that kind of drive that discussion on maybe helping deciding what product is correct for them a HE loan versus a HELOC or just making sure that they have the right equity, or maybe, if there's a vesting change that needs to happen, just getting all those things identified upfront are really going to help a lender move through that transaction more efficiently so they're going to know that they can move through it very quickly, or if there's some things that they're going to have to do in order to get that over the finish line. They're just aware of them upfront and can plan for that.

Speaker 4: 1:53

And so some lenders are wanting to get a look at. Is the property in an LLC, like you were saying? Vesting issues, Is there anything related to zoning? That might be a problem. And one of the things that's probably most important that's included in Snapshot is that automated valuation, so you get a snapshot on the equity as well, right out of the gate. So obviously lenders all run loan origination systems and those come with an expectation that we're going to have integration. So can you talk a little bit about Stuart Integrate and the overall philosophy of Stuart when it comes to both off the shelf and proprietary integrations? Yeah, for sure.

Speaker 3: 2:27

We integrate with all the major LOSs. We also offer custom integrations. We have several custom integrations that we have with clients that are either using proprietary systems or it's not one that we've worked with before. We can definitely set that up as well as even, as I mentioned, for some of my product or my client base. They are very small credit unions. We also have an ordering portal that they can just order directly from if there's not a need for integration. So we can cover the full gamut of third-party LOS integration to custom integration, to providing a UI for them to, you know, order directly from it if they don't need an integration.

Speaker 4: 3:05

So, chris, I know you both use the Steward Accelerate technology that Steward has to speed underwriting. Chris, can you talk about Steward Accelerate and how it fits into the title production system?

Speaker 2: 3:19

Yeah, so it says there at the top of the page there Stuart Accelerate's really a suite of software and offerings that we have, and the two major ones are here on the screen. So on the left we have automated title search and really what it does is it integrates with data aggregators in order to essentially automate the search process and pull in whatever type of search is relevant for that product type and bring those documents back instantly, so essentially removing that process of manually doing that search process or having to engage a local ground abstractor, and so this really speeds up our process and really adds some scale because it kicks off automatically in the states where it's available. So we get the order from the lender and usually within 15 minutes the search is complete and we can begin our exam process. So it really allows us to deliver on our scorecards with commitment turnaround times and just adding more and more states. I think we're up to around eight states and we got some of the big ones like California, florida and Texas.

Speaker 2: 4:17

And then on the right side, our underwriting decision engine, and this is really key for our our chair of group, our underwriting decision engine, and this is really key for our our chair of group.

Speaker 2: 4:28

Our underwriting decision unit takes in a lot of alternative data sources in addition to the traditional title data that we would use for title underwriting, has a rules engine that evaluates all those data points and derives a decision on whether it's going to be a fast track or a traditional order, but also allows all that data that was used to provide that decision to our chairative team to assist them with clearing items that are on the title commitment and moving that process down quicker as well. We also have the availability to pass that information to lenders if they want to know what our upfront underwriting decision was and just like it says on the screen here, that can help them maybe put it down a streamline or fast track within their workflow or potentially set more aggressive rate locks in situations where they can get better pricing for their customers if they know the deal is going to close quicker.

Speaker 1: 5:12

Are you heading to fabulous Las Vegas, nevada, for the ice experience at the Wynn Hotel? Meet the Stewart Lender Services team and learn more about our Encompass integrations for point of sale, credit verifications, valuation, title and settlement. And don't forget to ask about our latest product, the Subsecond Steward Snapshot Report. Thank you.