DENVER, Colo. (SEND2PRESS NEWSWIRE) — Mortgage fulfillment outsource services expert Titan Lenders Corp has been named a preferred provider by Flagstar Bank (NYSE:FBC) for its wholesale lending business’s broker-to-banker initiatives. Flagstar Wholesale Lending offers those correspondent lenders who meet specific underwriting criteria a warehouse facility, and purchasing facility to support their adoption of electronic closings and notes.
Titan Lenders Corp is a U.S.-based domestic mortgage fulfillment outsource operation that offers a “parallel and variable cost alternative solution” to lenders’ maintaining back office and warehouse line management operations. With a 9 a.m. Eastern Time to 5 p.m. Pacific Time workday, Titan provides flexible hours of operation to support its clients coast-to-coast. Titan allows lenders to reduce risks and errors by utilizing its file flow management tools and electronic compliance safety checks through Cerberyx, its proprietary process software system.
“Titan Lenders Corp is honored to provide its services and expertise for Flagstar’s progressive broker-to banker initiatives,” said Titan Lenders Corp founder and chief executive Mary Kladde. “Flagstar continues to demonstrate industry leadership by offering quality brokers the opportunity to become correspondent lenders with the benefit of a warehouse line facility and a professional mortgage fulfillment operation that is familiar with the electronic closings and notes for quick turn time on the lines.”
“Our staff’s knowledge of FNMA/FHLMC/GNMA requirements, understanding of Flagstar programs and our relationship with Flagstar Warehouse Bank ensures a thorough and efficient monitoring and salability of our clients’ loan closing pipeline,” said Titan Lenders Corp vice president for mortgage banker business development Janet Manning.
“Flagstar’s broker-to-banker programs attract high quality, prolific mortgage businesses that want to serve borrowers as correspondent mortgage bankers, with the many advantages that entails,” said Greg Lutin, executive vice president, national sales manager for Flagstar Bank. “Selecting Titan as a mortgage fulfillment services provider for these programs will help ensure the consistent delivery of quality closed electronic loan files by Flagstar’s new correspondent lenders.”
According to Kladde, Flagstar’s commitment to transitioning its correspondent lenders to electronic notes is facilitated by the Titan back office operations platform all of which serves to reduce standard warehouse line turn times by more than half of what is being typically seen in the market today.
Titan Lenders Corp intelligent processes are driven by its proprietary technology, Cerberyx, co-developed with eSys Technologies, Rochester, NY. Cerberyx is the evolution of a software technology application developed to replace manual processes required to manage lenders’ participation in closing and post-closing functions. As a business solution, the software was developed in the practical laboratory of a closing and post-closing division servicing multiple lenders, investors, and lending business channels. It addresses the needs of all users in the transaction – accountability, visibility, efficiency and ease of use – ultimately focused on loan salability.
Flagstar Bancorp, with $16.4 billion in total assets, is one of the largest savings banks headquartered in the Midwest. At June 30, 2009, Flagstar operated 175 banking centers in Michigan, Indiana and Georgia and 45 home loan centers in 18 states. Flagstar Bank originates loans nationwide and is one of the leading originators of residential mortgage loans. For more information, please visit www.flagstar.com .
About Titan Lenders Corp:
Titan Lenders Corp (www.TitanLendersCorp.com) is one of a specialized few providers of mortgage back office fulfillment services, a not-well-understood facet of mortgage lending that includes closing, funding, and post closing services. Community banks, credit unions, mortgage bankers and brokers use outsource providers strategically to minimize compliance risks in a time-sensitive error-averse environment. Fluctuations in mortgage lending volume also lead some lenders outsource their entire back office operation and secure predictable “per transaction” pricing rather than maintaining an inflexible static in house staff.
For additional information, contact Janet Manning at Janet.Manning@TitanLendersCorp.com .
News Source: Titan Lenders Corp
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