US-based ABN Amro Mortgage Group (AAMG) has partnered First American Corporation subsidiary, Vendor Management Services, to pilot an electronic automation tool for real-estate products.
Under the pilot programme, VMS will implement TheVendorManager platform at AAMG's Florida-based national lending centre, allowing the group to electronically order, track, receive and pay for real estate-related products and services through a single technology channel.
"Dusty" Lashbrook, senior vice president, ABN Amro Mortgage Group, National Lending Centre, says the company spent a great deal of time finding a company that had the technical expertise and the technology protocol to enable the group to develop detailed communications between itself and its vendors.
"We wanted more than the ability to order services and receive status. It also was important to us that complex, multitask processes, such as the receipt of title commitments and the clearing of the title exceptions, could be handled dynamically through the VMS interface," says Lashbrook.
Through a seamless interface between TheVendorManager and its clients' loan origination and servicing systems, clients are able to submit orders electronically for such products and services as appraisals, credit reports, title insurance, flood determination, home inspection, document preparation and more.
Initially, AAMG's National Lending Centre will use TheVendorManager for its title and escrow workflow by automating the exception handling process between its loan origination system and First American Title Insurance Company's Lenders Advantage division.