Equity National Title, a leading national settlement services provider, has launched a transaction management application which allows all parties to monitor the status of a real estate transaction in real time.
Equity National Title partnered with Salem, Massachusetts-based Easy Mortgage Apps in the design and production of the new app. It is believed to be among the first to allow REALTORS, loan officers and consumers to securely monitor their transactions from the moment they enter Equity National Title’s workflow until the real estate closing. The app will allow users to place orders; generate quotes; receive and share status updates and even determine whether an eClosing is permissible and, if so, in what form. All functions are available to the user 24/7 and any authorized user with Internet access can access the information. Users can also upload documents (such as missing identification; buyer authorizations and the like) and see scheduled closings, including the location (and map directions) and parties expected to attend. The app also sets forth the process in a series of timelines, including important dates and milestones, as well as current status. The app is available for Apple devices.
“The industry has talked for decades about an easier way for REALTORs, loan officers and borrowers to know where the transaction stands without having to call the title company,” said James K. O’Donnell, Esq., President of Equity National Title. “It has historically been one of the chokepoints of the transaction. With the Equity National Title app, authorized users simply have to log in—at any time of the day—to see exactly where their deals are. No voice mails. No waiting. No miscommunication.”
According to O’Donnell, the app came about after a series of anonymous surveys Equity National Title conducted among mortgage lenders and REALTORS. The consensus finding in the surveys was that loan officers and REALTORS alike sought, above all else, responsiveness and clear communication from their title and settlement services partners. Easy Mortgage Apps President, Michael Kelleher, agreed. “The idea of using an app to cut unnecessary waiting and uncertainty from the process was past due for the industry, and we were delighted to partner with Equity National Title to make it reality. In fact, we went from concept to launch in about 90 days. Both partners were on the same page with the same focus: eliminating as much wasted time and needless delay from the title transaction as possible.”
O’Donnell continued, “As important as compliance and service are, we’ve been told repeatedly that our lender and REALTOR partners want, above all else, to know exactly where the transaction is at all times…and not have to wait or dial into a website to chase that information. The app will save users an enormous amount of time and help improve the L.O.’s ability to serve her own clients as well as the clients’ real estate agents.
O’Donnell is quick to confirm that security is not compromised for convenience with the Equity National Title app. Users must undergo a three-step authentication process, including an initial authorization which identifies (and later confirms) the device being used by the authorized party. The access to the production system is also not direct, but instead, routed through an intermediate server designed to prevent unauthorized access to the platform. The app has no connection to or access to NPPI whatsoever.
O’Donnell also says that design of version 2.0 of the app is already underway.
About Equity National
Founded in 1989, Equity National Title is a leading national settlement service provider which delivers superior customer service and support to lenders, homeowners and Realtors. The firm leverages its 26 years of experience in title and settlement services to help guide lender and realty clients through the process from the very beginning, all the way until closing. Headquartered in East Providence, Rhode Island, Equity National differentiates itself by having the products and processes in place to make sure things go smoothly for everyone at the closing table. The company is one of the few settlement services firms in the nation to achieve the American Institute of Public Accountants’ (AICPA) Service Organization Control 2 (SOC 2) Type II certification awarded for the highest standards of financial and data protection.
For additional information, please visit www.equitynational.com or contact 1.800.237.8489.