PARSIPPANY, N.J.--(BUSINESS WIRE)--RedVision, the largest independent provider of nationwide title and real property research, announces the launch and direct customer benefits of RedVision STP®, a solution-based approach to providing seamless and uniform title reports through direct system integration between RedVision and the customer. In an industry where procuring title has traditionally been challenging due to disparate public records, RedVision STP defines the industry standard for a more efficient and seamless transaction through standardization, inherently providing cost savings to RedVision’s customers. Through its unique combination of supply-chain efficiencies, technology advancements, best-practice requirements and an expert title team, RedVision STP positions the company as a single-source solution provider.
The company’s goal is to continue to set industry-wide expectations for best-practice standards in terms of compliance and risk management to help clients respond to market challenges and regulatory pressures. As a result of RedVision’s commitment to compliance controls, its clients will achieve industry best practice search and product standards that are in conformance with state and federal regulations and major underwriter requirements. RedVision’s continuous investments in data acquisition, technology advancements and best-practice standardization are the building blocks for STP, which allows the company to offer its clients a simplified and automated transaction delivered to the client’s system. In turn, this enables RedVision’s clients to focus on high-value strategic activities, including the ability to adapt to market fluctuations, while driving sustainable internal growth and profitability.
“The processing of real property title information is highly commoditized, providing minimal differentiated value to customers at increasingly higher costs due to ongoing regulatory constraints,” says Brian Twibell, CEO of RedVision. “RedVision STP provides value to our clients by delivering a seamless, scalable and industry-compliant solution for electronic title production while offering a cost savings structure.”
“At LenderLive, we are continually innovating and incorporating best-in-class technology tools to expand our business scale and enhance operations. We are furthering our partnership with RedVision to adopt the benefits of straight-through processing (STP),” says Joe Mowery, industry veteran and president of LenderLive Settlement Services, an end-to-end mortgage services provider and also one of RedVision’s largest customers. “After reviewing the STP concepts and methodologies, we are confident that the capabilities and technology will enrich our first-class products while increasing operational efficiencies.”
LenderLive Settlement Services is laser-focused on maximizing client results with ever-advancing products and services. In partnering with RedVision, the two companies are able to pursue mutually beneficial efficiencies in the title procurement process.
A single-source solution, RedVision’s STP enables customers to realize cost savings and service level agreement (SLA) attainment through a seamless digital title transaction. Cost savings are achieved by minimizing title-processing time, which stems from XML system integration between the customer and the provider. SLA attainment is also gained through automation and uniform reporting. With the elimination of re-keying data, companies are instilling quality assurance and error controls into their processes. Clients inherently achieve compliance and risk management benefits as a result of the company’s best practice and quality standards that were built around industry regulations and major underwriter codebooks.
With the launch of RedVision’s newest application, NOVA®, customers can securely order, manage and examine title products through an interactive queue. Based on custom permission sets, both RedVision and client users receive desktop access – across all U.S. properties – to real-time information on order status and activity, performance indicators and management reporting. Within NOVA, the exam module provides auto-generated commitment codes for standard documents (e.g., open liens) and pre-filled data fields, lessening both examination time and typing efforts. In addition to gained efficiencies, NOVA includes the following capabilities: productivity and order management, capacity/overflow assignment, customer self-service, advanced analytics, dashboard and scorecard controls, and real-time notifications. These enhancements result in more streamlined business processes, improved SLAs and gained product quality search standards.
Powered by the NOVA application, RedVision’s best-practice standardized Redi® product line – SearchRedi®, ExamRedi®, CurativeRedi® and ClearingRedi® – offers a full cascade of uniform title products and services nationwide, and allows clients to choose how much or little they would like to perform in the search process. RedVision’s industry standards are also applied to the Redi products, as they are built on required state and county best practice search and product standards and in compliance with state and federal regulations and major underwriter requirements.
By combining the NOVA technology and Redi product line with STP, RedVision becomes the industry’s first single-source title provider, driving sustainable efficiency improvements and passing along the immediate cost-savings and best practice benefits to its customers.
"Despite the age of digital and technology innovation, title production processes continue to hold traits that drain efficiency across the value chain," says Twibell. “As we become a single-source provider to our clients, we initiate innovative straight-through processing (STP) to eliminate burdens such as unnecessary costs, manual steps and other risks inherent with using multiple vendors. We are confident that RedVision STP is transformative for the industry, providing immediate benefits to our customers and the industry as a whole – and that translates to increased profit margins.”
As the largest independent national provider of title and real property research, RedVision® applies straight-through processing (STP) and single-source solutions to transform the procurement and processing of title information. In 2015 the company introduced its proprietary NOVA® technology and cascade of best-practice standardized Redi® products – SearchRedi®, ExamRedi®, CurativeRedi® and ClearingRedi® – to empower customers with transaction cost savings, SLA attainment, compliance and risk management. Since 2006, RedVision has delivered more than 7.5 million title reports to 1,600+ client organizations, including financial institutions, title underwriters, settlement service providers, national agents, local agents, lenders, attorneys and foreclosure/default processing firms. RedVision has been named an American Land Title Association (ALTA) Elite Provider and one of the fastest-growing companies by Inc. For more information, please visit www.redvision.com.