Lenders One eClosing by DocMagic can cut the average loan closing “at the table” from 60 minutes to just 15, creating significant time and efficiency savings for lenders and their customers, officials noted at the time. The eClosing solution incorporates feedback received from members and service providers, one top executive said. The technology was described as adapting to the lenders’ production environment and compressing the overall timeline to loan sale – generating material savings for lenders facing historically high loan production costs.
The Walmart deal comes on the heels of the company’s appointment of Tricia Migliazzo as its senior vice president of origination sales. With more than two decades of mortgage banking experience, Migliazzo heads the company’s membership and product offerings, including CastleLine risk management and insurance, Premium Title title and settlement, Trelix mortgage fulfillment, Springhouse appraisal, and valuation services.
Founded in 2000, Lenders One, a retail lending subsidiary of Altisource, has a network of more than 240 independent banks, mortgage bankers, correspondent lenders credit unions, and suppliers of mortgage products and services. For its part, Bentonville, Arkansas-based Walmart Inc. is a multinational retail company that operates a chain of hypermarkets, discount department stores and grocery stores.