CONCORD, CALIF. (April 4, 2005) - Online Documents Inc. and Stewart Mortgage Information's flood determination division have announced a cooperative service enabling mutual customers to automatically order flood zone determinations concurrently with initial disclosure packages. ABN AMRO Mortgage Group's InterFirst Wholesale Mortgage Lending division is the first mutual customer to benefit from this new offering.
Online Documents Inc. and Stewart Mortgage Information (SMI) are subsidiaries of Stewart Information Services Corp. (NYSE-STC).
"By merging orders for Online's initial disclosures and SMI's flood determinations, InterFirst saves several processing steps and is assured flood orders are placed immediately upon receipt of new loan applications," said Bob Cannon, group senior vice president, operations support, ABN AMRO Mortgage Group. "Online and SMI have significantly simplified the flood order process."
To make this service possible, Online Documents extracts necessary data from each initial disclosure order placed by InterFirst and passes the data electronically to the SMI flood division where a flood zone determination request is processed. In turn, the SMI flood division fulfills the order electronically, direct to InterFirst.
Offering one of the best response times in the industry, the SMI flood division processes and returns most flood determination orders within 60 seconds of a request. To further simplify and expedite the initial disclosure/flood order process, the related initial disclosure package is concurrently printed and mailed directly to the consumer from Online's central processing center.
"This joint Online/SMI offering is a perfect example of the efficiencies and economies a lender can realize when outsourcing to Online Documents, SMI and the Stewart organization," said Joan Ingham, president of Online Documents. "Combining products and creating 'bundled' services is essential in today's marketplace."
"With this electronic connection to Online Documents in place, SMI is able to conveniently serve the flood determination needs of other Online Documents customers," said Tara Williams, senior vice president of SMI's flood division. "SMI's intention is to connect all its mutual customers electronically, going forward."
About Online Documents Inc.
Established in 1988, Online Documents (www.onlinedocuments.com) provides compliant mortgage documents and related services to lenders, nationwide. Online offers desktop installations for local lenders and more comprehensive 100 percent interface solutions for regional and national lenders. Online delivers Initial Disclosures and Closing Document packages via the Web and to local print destinations within minutes of an order, 24/7. Additionally, Online can print and mail Initial Disclosures from its central processing center.
Stewart Mortgage Information (http://smi.stewart.com) is a wholly owned subsidiary of Stewart Information Services Corp. (NYSE-STC). SMI is a leading provider of mortgage information and services that accelerate loan origination and reduce costs of post-closing functions. SMI meets the needs of the real estate industries through the delivery of information services required for settlement using e-commerce, including credit, valuation products, nationwide title and settlement services, flood determinations, electronic mortgage document preparation, background checks and a variety of post-closing & investor delivery services.
Stewart Information Services Corp. is a technology driven, strategically competitive, real estate information and transaction management company providing title insurance and related information services through more than 7,800 policy-issuing offices and agencies in the United States and a number of international markets. Stewart delivers via e-commerce the services required for settlement by the real estate and mortgage industries. Stewart also provides post-closing lender services, automated county clerk land records, property ownership mapping, geographic information systems, property information reports, flood certificates, document preparation, background checks and expertise in tax-deferred exchanges. More information can be found at www.stewart.com.