Newrez is waiving lender title insurance on some refis

"Newrez TitlePass enables our broker partners to deliver meaningful borrower savings while also increasing speed and closing efficiency. It's a practical way to reduce closing costs for the consumer, and because it's fully integrated into our platform, brokers can leverage Newrez TitlePass without changing how they already originate loans."

"For wholesale brokers, TitlePass adds a pricing and competitiveness lever. On eligible refis, they can advertise lower cash-to-close without changing lender margins, which can help win rate-and-term refi business when borrowers are comparing offers across multiple shops."

"TitlePass applies to eligible conventional rate-and-term refinance loans with loan-to-value ratios up to 80% that receive automated underwriting system approval. By removing the lender's title insurance requirement on these transactions, Newrez aims to reduce one of the more significant third-party fees on a refi closing."

Newrez introduced TitlePass, a program eliminating title insurance requirements for eligible conventional rate-and-term refinance loans with loan-to-value ratios up to 80% that receive automated underwriting system approval. The program integrates with Avenue 365 and Newrez's lending platform, enabling brokers to streamline the digital closing process while reducing significant third-party fees. Available in 18 states, TitlePass allows wholesale brokers to offer lower cash-to-close amounts without changing lender margins, enhancing competitiveness in rate-and-term refinance transactions. The vertical integration keeps title work within the Newrez ecosystem, shortening turnaround times and reducing conditions. This initiative addresses the refinance market's sensitivity to rate movements and total loan costs.

Read at www.housingwire.com