Chicago Title Insurance Co., an affiliate of Fidelity National Title, has signed an agreement with Document Processing Systems to use its paperless mortgage technology, DPS eMortgage Studio, the companies said today.
Chicago Title will first begin rolling out this new system to its Chicago-area branches, and will continue expansion efforts as lenders and other customers come online, the company said.
DPS’ patent-pending document management system, the DPS eMortgage Studio, provides Web-based access to a fully paperless, MERS eRegistry-accessible electronic mortgage process. DPS supports thousands of lenders with its Direct-Docs Web-based closing-document preparation service, the company has said.
“Improving the borrower experience at closing has always been a top priority at Chicago Title,” said Stat Geer, executive vice president and division manager of Chicago Title, in a statement. According to Geer, the eMortgage Studio technology will simplify and speed up closings.
“Mortgage closings are one of the last places in the United States where paper documents are still used commonly. In fact, the costs associated with managing paper closings have actually been increasing,” said Paul Rakowicz, president of DPS. “The DPS eMortgage Studio allows companies like Chicago Title to execute mortgage closings in a paper-free environment, with significant savings on document delivery, storage, and error correction costs.”
