Review & Release
First American Loan Production Solutions provides the only set of tools in the industry that lets you define interaction between multiple parties in the closing document process. The Review & Release function allows users to define review points in the document process allowing lenders and attorneys to receive and review the closing documents before they are submitted to the settlement agent.
Interactive Document Preparation
The Internet-based Review & Release system enables lenders to give loan data entry capability to their brokers, while retaining complete control over the review of data prior to closing. This system gives lenders a new way to assure that their loans have been approved by their staff (and attorneys, if required) before the loans are delivered to the brokers.
The process begins with a lender using DocConnect to receive completed loans sent by their brokers and to review the documents on screen or in printed form. Then, via the secured Review & Release web page, the lender's approval notification is transmitted back to First American in seconds. Only then is the finished loan delivered back to the broker, who knows the loan is approved for closing.
A Combination of Technologies
Review & Release combines First American's proprietary document preparation system with our DocConnect Internet delivery system, and a secured interactive page on our website to provide key services to our customers.
The system maintains predictable control over loan status and user access to each loan and can provide:
- Brokers or lenders to send loan data electronically to First American for processing.
- Completed loans to be available for investor review and approval through the Internet.
- Legal review and approval processes as well as R&E additions to loans through the Internet.
- Completed, approved loans can be delivered back to the loan originator (broker or lender) through the Internet.
Advantages to all Parties
The Review & Release process offers advantages to all parties: the investor, the broker, and the reviewing attorney.
It allows lenders to turn over the data entry to their brokers, while retaining the ability to review all loans for accuracy and quality before they are released. It gives brokers control over entering the data for the loans that they bring to the lender, and assures them that when a loan is delivered to them by DocConnect it has already been approved for closing. Where required, the loan can be directed to an attorney for additional review before the loan is delivered to the broker. Any and all of these services can be completed in minutes through First American's proprietary software and Internet technology.
