Orion Financial Launches Settlement Services Offering
SOUTHLAKE, Texas, Feb. 19, 2013 /PRNewswire/ -- Orion Financial Group, Inc., a provider of mortgage assignment, lien release and document retrieval services, is now providing streamlined settlement services to investors. The new offering provides a one-stop, efficient solution for small- to medium-size investors, including those who are selling real estate-owned (REO) properties.
"We are coordinating and scheduling settlement services for small to medium investors," said Mike Wileman, Orion's president and CEO. "We have partnered with Lenders Title Solutions to provide title and closing services nationwide, so we save our clients time and money," Wileman explained. Investors can opt to contract Orion for title commitments only, and then expand the service to title policies along with closing services.
"Investors often need to do a title search, and subsequently obtain a title policy. They're working with different companies at different times. By turning these functions over to Orion, investors save themselves time and frustration," Wileman said. "They won't need to work on building their own national database of title and closing providers because we already have access to a national network."
A title commitment is more in-depth than a current owner search, and can also be converted into a title policy, while a current owner search cannot, Wileman noted. "We still offer current owner searches for our clients, but this product is more in depth for investors who may be looking to sell their assets. By ordering a title commitment on a pool of loans, investors are able to quickly see what liens are against the properties, and they can make a more informed decision on which assets they purchase," he said.If the investor then decides to sell the assets, Orion converts the commitment to a title policy, and begins to move the loans through closing services. This includes obtaining the signed real estate contract, closing instructions, and providing the HUD 1 form to all parties for review. Orion will also notify all parties of the scheduled closing time and location.
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