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Amy Brandt: The Way Forward in Mortgage Finance

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In this issue of The Institutional Risk Analyst, we speak with Amy Brandt, President and CEO of Docutech, which was acquired by First American (NYSE:FAF) earlier this year. Amy has decades of experience as an operator in the residential mortgage sector and spoke to us last week from Scottsdale AZ.

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How one mortgage lender put the ‘pedal to the metal’ on digitization

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As the coronavirus crisis deepened in late February, Planet Home Lending reprioritized its efforts, pushing other initiatives to the second half of the year in order to focus on getting Docutech’s hybrid eClose in place so it could close loans digitally. The company piloted the hybrid eClose option by the first week of April. PHL also expects to add remote online notarization by the end of April.

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Harry Gardner of Docutech on Remote Online Notarization Adoption

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Harry Gardner, Docutech’s EVP of eStrategies, sat down with Mike Sorohan at MBA Newslink to answer some important questions related to RON eClosings in the age of covid-19. Click the below link to connect to the full article.

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First American Announces Completion of Docutech Acquisition

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Purchase uniquely positions the company to deliver beginning-to-end collateral file management, from mortgage application through post-closing, accelerating the evolution of real estate settlement

March 3, 2020, Santa Ana, Calif.

First American Financial Corporation (NYSE: FAF), a leading global provider of title insurance, settlement services and risk solutions for real estate transactions announced today the completion of First American’s acquisition of Docutech, a leading provider of document, eClose and fulfillment technology for the mortgage industry.

Docutech is a respected industry leader that leverages technology to help financial institutions quickly and accurately provide regulatory-compliant loan documents for mortgage and home equity lending. Founded in 1991, Docutech provides innovative solutions that are widely used by lenders across the U.S. and have contributed to the industry’s evolution toward a digital real estate closing experience.

“We are pleased to welcome Docutech to the First American family. The Docutech acquisition demonstrates our ongoing commitment to invest in and grow our core business. It also reflects our dedication to improving the home-buying experience and driving the digital transformation of the real estate settlement process,” said Dennis J. Gilmore, chief executive officer at First American Financial Corporation. “Together, we’re uniquely positioned to provide collateral file management from the inception of the mortgage process through post-closing, which will help accelerate the evolution of real estate closings.”

Docutech’s innovative technology enhances First American’s ability to provide lender customers with beginning-to-end digital mortgage and settlement services and deliver a more digital experience to their borrowers. Docutech’s technology platform, which is fully integrated with leading third-party and proprietary loan origination systems and reaches more than 175 lenders, deepens First American’s relationships with these industry players.

About First American

First American Financial Corporation (NYSE: FAF) is a leading provider of title insurance, settlement services and risk solutions for real estate transactions that traces its heritage back to 1889. First American also provides title plant management services; title and other real property records and images; valuation products and services; home warranty products; property and casualty insurance; banking, trust and wealth management services; and other related products and services. With total revenue of $6.2 billion in 2019, the company offers its products and services directly and through its agents throughout the United States and abroad. In 2020, First American was named to the Fortune 100 Best Companies to Work For® list for the fifth consecutive year. More information about the company can be found at www.firstam.com. 

About Docutech

Docutech, a member of the First American family of companies, offers a wide range of document technology solutions for mortgage and home equity lending, from document generation to eDelivery, eClose and print fulfillment. The company sets the standard in providing market-proven technology and unrivaled customer service to the financial industry. Founded in 1991, Docutech’s knowledge and solutions empower lending professionals to efficiently produce accurate loan packages in all 50 states to ensure compliance with constantly changing laws and regulations. For more information, visit the company’s website at www.docutech.com.

Forward-Looking Statements

Certain statements made herein constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts and may contain the words “believe,” “anticipate,” “expect,” “intend,” “plan,” “predict,” “estimate,” “project,” “will be,” “will continue,” “will likely result,” or other similar words and phrases or future or conditional verbs such as “will,” “may,” “might,” “should,” “would,” or “could.” 

These forward-looking statements include, without limitation, statements regarding the completion of the transaction and the timing thereof as well as the effects thereof, including the acceleration of the evolution of digital real estate closings and the accretive nature of the acquisition to the company’s earnings. These forward-looking statements are based on current expectations and assumptions that may prove to be incorrect. Risks and uncertainties exist that may cause results to differ materially from those set forth in these forward-looking statements. Factors that could cause the anticipated results to differ from those described in the forward-looking statements include, without limitation:  the failure to obtain necessary governmental or other approvals in a timely fashion or at all; challenges to the proposed transaction or issues related thereto; regulatory-, technology- or business-related challenges or issues pertaining to the evolution of digital real estate closings; and the accuracy of future earnings projections. 

The forward-looking statements speak only as of the date they are made. The company does not undertake to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made.

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First American and Docutech Announce Agreement for First American’s Acquistion of Docutech

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Acquisition positions the companies to further improve the consumer experience in real estate transactions and accelerate the evolution of real estate closings—

 

SANTA ANA, Calif., Feb. 13, 2020 – First American Financial Corporation (NYSE: FAF), a leading global provider of title insurance, settlement services and risk solutions for real estate transactions, and Docutech, a leading provider of document, eClose and fulfillment technology for the mortgage industry, announced today the signing of an agreement for First American’s acquisition of Docutech.

Founded in 1991, Docutech is a respected industry leader that leverages technology to help financial institutions quickly and accurately provide regulatory-compliant loan documents for mortgage and home equity lending. The company’s innovative solutions are widely used by lenders across the U.S. and have contributed to the industry’s evolution toward a digital real estate closing experience.

“The acquisition of Docutech reflects our steadfast commitment to invest in and grow our core business. Moreover, it demonstrates our dedication to improving the home-buying experience for consumers and driving the digital transformation of the real estate settlement process,” said Dennis J. Gilmore, chief executive officer at First American Financial Corporation. “We’re excited to soon welcome to First American the people of Docutech, a highly respected leader in the document technology solutions industry. Together, we will accelerate the evolution of real estate closings.”

The acquisition of Docutech and its innovative technology complements First American’s existing capabilities and industry-leading property and homeownership data, advancing First American’s ability to provide lender customers with end-to-end digital mortgage and settlement services. Docutech’s technology platform, which is fully integrated with leading third-party and proprietary loan origination systems and reaches more than 175 lenders, deepens First American’s relationships with these industry players.

Docutech’s management team, including President and CEO Amy Brandt, will continue to lead the company’s operations.

“Joining the First American family strengthens our ability to provide products and services that help lenders offer a more digital mortgage experience and adapt to today’s changing business landscape. The Doctutech team will now have enhanced access to First American’s industry-leading property data and its other industry-leading products and services, further enhancing the quality, accuracy and speed of our services,” said Brandt. “Our employees will also benefit by being part of a company named to the Fortune 100 Best Companies to Work For® list four years in a row.”

The acquisition is expected to be accretive to First American’s earnings in 2020. The transaction is expected to close by the end of March, subject to customary closing conditions.

In connection with the transaction, BofA Securities is acting as financial advisor to First American and Raymond James is acting as financial advisor to Docutech.

About First American

            First American Financial Corporation (NYSE: FAF) is a leading provider of title insurance, settlement services and risk solutions for real estate transactions that traces its heritage back to 1889. First American also provides title plant management services; title and other real property records and images; valuation products and services; home warranty products; property and casualty insurance; banking, trust and wealth management services; and other related products and services. With total revenue of $5.7 billion in 2018, the company offers its products and services directly and through its agents throughout the United States and abroad. In 2019, First American was named to the Fortune 100 Best Companies to Work For® list for the fourth consecutive year. More information about the company can be found at www.firstam.com.

 About Docutech

Docutech offers a wide range of document technology solutions for mortgage, home equity and consumer lending, from document generation to eDelivery, eSign, eClose and print fulfillment. The company sets the standard in providing market-proven technology and unrivaled customer service to the financial industry. Docutech’s knowledge and solutions empower lending professionals to efficiently produce accurate loan packages in all 50 states to ensure compliance with constantly changing laws and regulations. Docutech was founded in 1991 and, in 2016, partnered with Serent Capital, a private equity firm based in San Francisco and Austin, Texas. For more information, visit the company’s website at www.docutech.com.

 

Forward-Looking Statements

Certain statements made herein constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts and may contain the words “believe,” “anticipate,” “expect,” “intend,” “plan,” “predict,” “estimate,” “project,” “will be,” “will continue,” “will likely result,” or other similar words and phrases or future or conditional verbs such as “will,” “may,” “might,” “should,” “would,” or “could.” 

These forward-looking statements include, without limitation, statements regarding the completion of the transaction and the timing thereof as well as the effects thereof, including the acceleration of the evolution of digital real estate closings and the accretive nature of the acquisition to the company’s earnings. These forward-looking statements are based on current expectations and assumptions that may prove to be incorrect. Risks and uncertainties exist that may cause results to differ materially from those set forth in these forward-looking statements. Factors that could cause the anticipated results to differ from those described in the forward-looking statements include, without limitation:  the failure to obtain necessary governmental or other approvals in a timely fashion or at all; challenges to the proposed transaction or issues related thereto; regulatory-, technology- or business-related challenges or issues pertaining to the evolution of digital real estate closings; and the accuracy of future earnings projections. 

The forward-looking statements speak only as of the date they are made. The company does not undertake to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made.

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Media Contact:

Marcus Ginnaty
Corporate Communications
First American Financial Corporation
(714) 250-3298

 

Investor Contact:

Craig Barberio

Investor Relations

First American Financial Corporation
(714) 250-5214

 

 

Origence to Integrate with Docutech’s ConformX and Solex Platforms

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SCOTTSDALE, AZ., Feb. 5, 2020 – Docutech, the leading provider of document, eSign, eClose, and digital to print fulfillment technology, today announced an agreement to integrate with Origence®, a leading provider of lending technology and solutions to the financial services industry. Integration of the Origence mortgage lending platform with Docutech’s ConformX™ and Solex™ platforms will allow lenders to generate dynamic loan documents and enable those documents for eDelivery, eSignature, and eClosing capabilities thereby improving the borrower experience and optimizing the lending process.

Designed from the ground up to help lenders embrace digital mortgages, the Origence lending platform is a ground-breaking, end-to-end system that combines powerful point-of-sale and loan origination system tools that accelerate a lender’s loan production and reduce process cycle time while significantly reducing costs. The Origence platform may reduce loan cycle time by upwards of 10 days, increase lender productivity and decrease costs per loan. Through the integration with Docutech, the streamlined workflow for generating, distributing, and signing loan documents and disclosures will help lenders continue to reduce costs per loan while expediting the mortgage process.

“Origence stands apart from other LOS and POS platforms in the market today, laser-focused on delivering a digital platform that improves both the lender’s and borrower’s experience, and powers lenders’ business for years to come,” said Roger Hull, president and chief product officer of Origence.  “Integrating with Docutech’s ConformX dynamic document generation and Solex digital mortgage platforms is a strategic alignment to provide the optimal experience for lenders and their customers.”

By bringing digital automation front and center to the mortgage lending process, the Origence platform solves four common pain points lenders face – sub-optimal pull-through rates, decreased productivity, rising costs and increasing borrower demand for a better mortgage experience.

“Origence’s ability to digitize everything from document processing, compliance checks and being more paired with Docutech’s industry-leading doc gen, eSignature and eClosing technology creates a unique and compelling solution for loan origination,” said Amy Brandt, president and CEO of Docutech. “With lenders competing to offer a true digital mortgage to their customers, this integration brings the industry one step closer to delivering an amazing customer experience.”

 

About Docutech

Docutech offers a wide range of document technology solutions for mortgage, home equity, and consumer lending from document generation to eDelivery, eSign, eClose and print fulfillment. The company sets the standard in providing market-proven technology and unrivaled customer service to the financial industry. Docutech’s knowledge and solutions empower lending professionals to efficiently produce accurate loan packages in all 50 states to ensure compliance with constantly changing laws and regulations. For more information, visit the company’s website at www.docutech.com or follow them on social media at LinkedIn or Twitter @Docutech.

About Origence
Origence is a technology provider dedicated to creating new approaches to the loan origination experience. The company’s enterprise origination solution, the Origence platform, powers mortgage, consumer, and home equity lending for financial institutions. An end-to-end solution, the platform includes marketing automation and POS (point-of-sale) capabilities to deliver greater sales opportunities. By bringing automation front and center to the digital lending process, Origence makes life easier for lenders and consumers alike. The company is headquartered in Irvine, California. For more information, visit www.origence.com. Follow us on Twitter and LinkedIn.

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Black Knight Information Exchange 2020

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For 37 years, Black Knight’s Information Exchange conference has brought together the nation’s top lenders, servicers, and industry experts to collaborate and share ideas. Join us to discover how we can amplify your mortgage process.

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Ellie Mae Experience 2020

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Join us at Ellie Mae’s annual user conference, Experience 20. Talk to us about the newest approaches for originating more loans, lowering costs, and reducing time to close.

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