Celebrating Four Years of Innovation: FastTrack's Impact on Mortgage Settlements
As February 2024 unfolds, New Vista Solutions proudly commemorates the four-year milestone of its groundbreaking mortgage settlement product, FastTrack. Unveiled in March 2020, this innovative solution has not only weathered the challenges of the ever-evolving lending landscape but has also left an indelible mark on the industry.
FastTrack was born out of the necessity to address the pressing concerns of lenders amidst the pandemic and a surge in refinance and home equity lending. As Jesse Rivera, CEO at New Vista Solutions, reflects on the journey, he states that the lending community continues to respond enthusiastically to FastTrack.
Rivera said, "Over the past four years our lender customers continue to tell us that FastTrack has helped them to become more efficient, reduce costs, increase borrower satisfaction, and significantly reduce time-to-close. FastTrack has definitely and positively impacted home equity and refinance lending."
At its core, FastTrack is a versatile bundle of settlement services, offering lenders the flexibility to tailor the suite to their specific needs. The bundle includes various products meticulously designed to expedite the underwriting process while adhering to Interagency Guidelines and, in most instances, slashing the costs of traditional settlement products and services by up to 70%.
Lenders can customize their FastTrack bundle by selecting from a menu of options, including flood determinations, residential evaluations with optional warranties, hybrid appraisals compliant with USPAP, and warranted title searches. Notably, the FastTrack TSR (Title Search with Recordation) further enhances the suite by combining title searches with recordation, providing a comprehensive risk solution with a full warranty.
Gary Kasper, President at New Vista Solutions, added, “Four years ago, we saw that home equity and refinance lending needed a helping hand, and with FastTrack, we have proven that it continues to be a valuable solution for the mortgage lending community."
FastTrack has distinctly impacted both the home equity and refinance lending processes. For home equity, it streamlines the process, reduces costs, mitigates risks, accelerates turn-times, and consolidates the entire operation on one centralized ordering platform. The suite for refinance also empowers lenders with customization, warranty options, and compliant, alternative products. Both are accessible through a user-friendly web-based app or LOS integration.
As we celebrate the four-year anniversary of FastTrack, this product has not only met but exceeded the expectations of the lending community. Its ability to adapt to the evolving needs of the industry, coupled with New Vista Solutions’ commitment to efficiency and cost-effectiveness, makes FastTrack a beacon of innovation in the realm of mortgage settlement solutions. Here's to four years of transforming the mortgage lending landscape and anticipating many more ahead.
For more information, please schedule your free, no obligation demonstration today.
Here are links to our FastTrack and Home Equity Solutions Web Pages