CHICAGO, Oct. 11 /PRNewswire/ -- Trans Union LLC (TU), announced today it
has signed an agreement with Chicago Title Corporation's (NYSE: CTZ) primary
subsidiary -- Chicago Title and Trust Co. -- to form Trans Chicago LLC. The
companies are combining resources to provide mortgage credit-reporting
companies (MCRCs) with an affiliation program to access credit reports via
Fannie Mae's MORNETPlus(R) network and Freddie Mac's Loan Prospector(R) and
Loan Prospector(R) on the Internet automated underwriting systems. Trans
Chicago will deliver additional products and services, utilized by first and
second mortgage lenders, to the affiliate mortgage credit-reporting companies
that participate in the network.
Trans Chicago has established a seamless e-commerce communications
network. To date, six national mortgage, credit-reporting software providers
and their clients have become network-trading partners, gaining credit report
access through Fannie Mae and Freddie Mac. Trans Chicago will offer
additional products and services to the thousands of lenders that do business
with the MCRCs, thus allowing the hundreds of independently owned MCRCs to
expand their product offerings. It will also enable MCRCs to generate
additional revenue opportunities from their existing client base.
"The trading partners and affiliate mortgage credit-reporting companies in
the Trans Chicago network will have integrated access to a full suite of
products and services to be offered through Chicago Title's new state-of-the-
art technology, the 'Electronic Spine,'" said Don Juhl, senior vice president
for Chicago Title and Trust Co.
"This is the ultimate distribution network for real estate-related,
lending services," said Rick Lynch, executive vice president for TU's Resource
& Property Management Division. "Together, our companies can now apply the
latest technologies and vast network of services to expand our reach into the
lending community."
"Freddie Mac's recently announced credit-reporting affiliate program
provides our customers with a variety of additional options for obtaining
merged reports through Loan Prospector and Loan Prospector on the Internet,"
said Bob Ryan, Freddie Mac's vice president of marketing. "As a result,
mortgage lenders and brokers will enjoy the benefits of working with companies
with whom they already have existing business relationships."
"We are pleased to offer lenders access to the credit-reporting services
available through Trans Chicago and its technical affiliates over our
MORNETPlus network," said Terri Davis, Fannie Mae's vice president for
technology sales and consulting. "Fannie Mae remains committed to providing
lenders access to multiple automated underwriting systems and a wide range of
supporting mortgage transaction services to process all their lines of
business."
About Trans Union
Chicago-based Trans Union is one of the nation's leading information
companies, serving all 50 states through its own sales offices and independent
credit bureaus. The company provides a broad range of industries with
products and services that include credit reports, risk scoring models, target
marketing systems, pre-employment evaluation reports, skip tracing and search
tools, customized lists, as well as other information-based products. Trans
Union has operations in Puerto Rico, Canada, Italy, Mexico, South Africa, Hong
Kong, Chile, Kenya, Peru and Spain. For more information about Trans Union's
products or services, visit the company on the Internet at http://www.transunion.com
.
About Chicago Title
Chicago Title Corporation, through its primary subsidiary -- Chicago Title
and Trust Co. -- 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 -- including Chicago Title
Insurance Co., 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.
SOURCE Trans Union LLC
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Related links:
http://www.transunion.com
Company News On-Call:
http://www.prnewswire.com/comp/117465.html or fax,
800-758-5804, ext. 117465
CONTACT:
Christine Hill, Business Communications Dept.
of Trans Union LLC, 312-466-7839; or General, Scott Ablin,
312-274-2274, or Media, Janika Kuntz, 312-640-6766, both of The
Financial Relations Board for Trans Union LLC
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