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Core system change speeds home equity title reports to 2 to 3 days

Lake Michigan Credit Union moved from its prior core system after an update disrupted a direct vendor link, then used FirstClose and Temenos to shorten title turnaround times.

Reported · Written up by our desk · Mortgages

Mortgage News Daily reports that Lake Michigan Credit Union had a core system update that cut off a direct vendor link used by its home equity team to order title and valuation work, forcing staff onto a separate website just as home equity volume rose for the season.

After deciding to move off that core system and onto Temenos, LMCU found that FirstClose already had the integration it needed to support its home equity originations. The outlet also says FirstClose provided direct training to the full home equity team.

Mortgage News Daily adds that title reports now come back in two to three days, with files reaching underwriting sooner and requiring fewer outstanding documents. The publication notes that LMCU’s overall speed improvement is covered in a case study.

The outlet also includes the guidance that a title partner should fit into a lender’s workflow rather than forcing changes in how the team operates.

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