Magazine article Mortgage Banking

Sterling National Launches Escrow Administration Solution for Small Lenders

Magazine article Mortgage Banking

Sterling National Launches Escrow Administration Solution for Small Lenders

Article excerpt

Sterling National Corporation, Atlanta, a specialty insurance and technology-enabled solutions provider for the residential mortgage servicing and insurance industries, announced the rollout of Sterling Total Escrow Solutions [sm]. The solution allows small lenders to quickly order escrow administration services for new loans and generate the Initial Escrow Disclosure Statement online at www.totalescrow.servicing.com.

"From the very beginning, Sterling National has been in the solutions business. We saw that the new RESPA [Real Estate Settlement Procedures Act] escrow requirements were going to create great challenges [for] small lenders. The regulations could have conceivably driven them out of the business of originating higher-priced mortgage loans," stated John Tomko, product line executive for Sterling National Corporation.

"For community banks and credit unions to turn away these customers would have represented not only a loss of revenue, but a diminished relationship with their customers," Tomko said.

Sterling Total Escrow Solutions is a comprehensive escrow administration solution for small lenders such as community banks and credit unions, which have been struggling to comply with new RESPA provisions. …

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