"Interoperability is something the title industry needs now more than ever. Our clients consistently tell us that being able to work with the banks, the underwriters and the technology providers they trust most often on a file-by-file basis is critical to their success, he said. That usually means something different from business to business, market to market and order to order. One firm may need one combination of technologies and underwriters for their needs, while the next may want a completely different blend."
"The closing process is already controlled chaos, and a number of agents have told us the new data gathering and reporting requirements will likely only add to that, Mann said. However, our Alanna Smart Forms and digital signing capability users have told us that our solution significantly streamlines the execution of these new requirements, not to mention easing some of the anxiety and stress agents are feeling in advance of the looming deadline."
"The combined offering supports the full lifecycle of FinCEN-reportable transactions, including data collection, organized work queues to track transaction status, integration with FinCEN's reporting interface and real-time dashboards that allow managers to monitor progress from initial collection through submission. The FinCEN AML rule will apply nationwide to certain non-financed residential property transfers to legal entities or trusts. The rule broadly defines residential property and includes some vacant land and commercial properties."
A collaboration delivers interoperable title-technology solutions that let clients work with banks, underwriters and technology providers on a file-by-file basis. The offering supports the full lifecycle of FinCEN-reportable transactions, including data collection, organized work queues, integration with FinCEN's reporting interface and real-time dashboards to monitor progress from collection through submission. The FinCEN AML rule will apply nationwide to certain non-financed residential property transfers to legal entities or trusts and broadly defines residential property to include some vacant land and commercial properties. Alanna.ai’s Smart Forms and digital signing capabilities automate mandatory data collection, send reminders, and streamline execution while binding signer identity via public-private key encryption.
Read at www.housingwire.com
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