$20 Million Investment Takes Shape for Chicago Title
CHICAGO, Sept. 28 /PRNewswire/ -- Chicago Title Insurance Co.'s CastleLink
division today announced a strategic partnership with Customers Forever (
http://www.customersforever.com ), a new Internet venture dedicated to helping
large mortgage servicers retain customers and reduce the cost of refinancing
loans in their servicing portfolios.
This partnership involves the passing of credit information, credit scores
and flood determinations to Customers Forever through a single EDI connection
with Chicago Title's new state-of-the-art technology, the "Electronic Spine."
"The ability to access multiple pieces of information, quickly, through a
single connection to CastleLink, our service partner, allows us to provide our
clients and their customers with high levels of service," said Terry
Wakefield, CEO of Customers Forever. "We selected CastleLink as our
technology partner because their capabilities mesh with our strategy of
manufacturing mortgage assets in a paperless environment."
The "Electronic Spine" is a multi-million dollar technology initiative
which allows CastleLink to provide total transaction management to its
customers, from the time of the mortgage application through the post-closing
review and on into the servicing of the loan.
"Lenders and companies like Customers Forever are seeking ways to
outsource portions or all of the processing of loans to competent third-party
transaction managers, particularly those transaction managers that also
produce the mortgage products and services themselves," said Chris Canedy,
senior vice president of Chicago Title CastleLink. "This new strategic
partnership with Customers Forever gives us a great opportunity to assist a
company that provides its customers and their borrowers with the ultimate in
convenient access to the mortgage finance process.
"During the course of this partnership, CastleLink is looking forward to
providing Customers Forever with a growing array of information they need to
continue to deliver superior service to their clients within an electronic
environment," Canedy added.
Chicago Title Insurance Co. is a subsidiary of Chicago Title Corporation
(NYSE: CTZ) which, through its subsidiaries, provides title insurance, escrow
and closing services, as well as property valuation, credit information, flood
compliance, property information/inspections and default services through a
network of more than 340 offices and approximately 4,100 agents nationwide.
Chicago Title Corporation's title insurance subsidiaries -- also including
Ticor Title Insurance Co. and Security Union Title Insurance Co. -- issue
approximately one in every five title insurance policies in the United States.
Subsidiaries furnishing other real estate-related products include Chicago
Title Flood Services Inc.; Chicago Title Credit Services Inc.; Chicago Title
-- Market Intelligence Inc.; Chicago Title Field Services Inc. and
Consolidated Reconveyance, a division of Chicago Title Insurance Co.
Customers Forever is an Internet-focused, transaction services company
dedicated to helping large mortgage servicers retain and enhance their
relationship with existing customers, while lowering the cost of servicing
those customers.
Customers Forever is a Wisconsin limited liability company. Major
shareholders include M&I Data Services, a division of Marshall and Ilsley
Corporation (Nasdaq: MRIS), and MGIC Investment Corporation (NYSE: MTG).
SOURCE Chicago Title Insurance Co.
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Related links:
http://www.ctt.com
Company News On-Call:
http://www.prnewswire.com/comp/117465.html or fax,
800-758-5804, ext. 117465
CONTACT:
Steve Flanagan, of Chicago Title,
312-223-2959, or Terry Wakefield of Customers Forever, LLC,
414-577-9343
NOTE TO EDITORS: For further information on either the Chicago
Title family's products and services, visit our web site at
http://www.ctt.com or Customers Forever, LLC at
http://www.customersforever.com
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