HOUSTON (April 6, 2005) - Stewart Mortgage Information now offers a suite of origination and post-closing products and services designed to assist mortgage brokers making the transition to becoming mortgage bankers.
"SMI has designed a one-stop, custom service and product bundling that provides exactly what a broker needs to transition to a mortgage banker," said Kevin Gugenheim, president and chief operating officer, Stewart Mortgage Information (SMI). "This new offering is in response to a significant movement in the lending industry."
SMI and its affiliates provide electronic mortgage documents, title, closing and funding fulfillment services, as well as post-closing collateral management including assistance with warehouse lines and daily reconciliations, investor delivery and trailing document follow-up.
"We know there are many mortgage brokers out there who want to operate as mortgage bankers and gain more control of their business," said Gugenheim. "However, many of them lack the personnel and expertise to handle the required additional administrative workload necessary to gain access to a warehouse line.
"SMI provides a variable-cost, single source for the products and services a broker needs to make the transition, allowing the broker to concentrate on what they do best - originate loans," added Gugenheim. "With the Stewart assurance of quality wrapped into each loan, warehouse lenders and correspondent loan investors are more comfortable in knowing that the integrity of the file and information has been reviewed and validated by a trusted source, SMI."
SMI will custom-design a product and service solution to fill in the gaps, enabling the broker to move quickly into the mortgage banking arena. SMI extends its core competencies to partners through advanced technology such as image-based processes, real time updates, Web-based systems and customized integrations.
SMI also can provide flood zone determinations, credit reports, appraisals and alternative valuation products.
"Stewart Mortgage Information has offered these products and services over the years, gaining valuable and extensive experience in the delivery and execution of each critical mortgage function," said Gugenheim. "Stewart assists the broker by providing the expertise and processes that the broker may not have available."
"SMI can present or refer a myriad of warehouse and investor relationships that immediately provide best-in-class execution," said Gugenheim. "By working with SMI and its affiliates, the mortgage broker has the opportunity to operate as a mortgage banker, giving him or her a significant jump over the competition. Adding the credibility and expertise of the Stewart Title organization to the mix is a classic "win-win" for all parties."
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 numerous 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.