"General fulfillment for retail lenders has always been a high-touch, low-margin business. However, after careful consideration of all our business units, we have decided to shutter the division. We can no longer operate in retail to our high standards due to the increasing cost to originate and the unforgiving compliance environment," Titan CEO Mary Kladde explained. "In 2015, this will become even more challenging with the advent of the integrated disclosure rule, which would require Titan to take on additional risk in closing loans."
"As always, Titan will be staying fully abreast of the compliance requirements associated with the integrated disclosures. Our efforts in this area will focus on document auditing to ensure compliance with these new regulations," Kladde added.
Moving forward, Titan will redirect its efforts to its other services geared towards investors and servicers, including MERS audits, data reconciliation, document custody and whole loan purchase review, as well as its jumbo correspondent investment subsidiary Titan Capital Solutions.
"While it has been our pleasure to meet our retail clients' general fulfillment needs for the last seven years, Titan views this change as a positive," said Titan EVP Ruth Lee. "The net result of exiting retail general fulfillment will be an improvement in service to all of Titan's investor clients. This will allow Titan to grow past its legacy channel and continue to adapt to the market and address investors' operational needs."
About Titan Lenders Corp.:
Denver-based Titan Lenders Corp. ( http://www.TitanLendersCorp.com/ ) was originally founded to meet the mortgage industry's increasing appetite for a variable cost solution to operational challenges. Today, that mission has expanded to include supporting strategic channel growth for lenders, servicers and investors evolving their businesses in an increasingly complex regulatory environment. As such, Titan's core offerings have expanded to include MERS audit services, data reconciliation, document custody and whole loan purchase review. Additionally, Titan has also created a correspondent investor subsidiary, Titan Capital Solutions, to purchase jumbo mortgage loans.
NEWS SOURCE: Titan Lenders Corp. :: This press release was issued on behalf of the news source (who is solely responsible for its accuracy) by Send2Press® Newswire, a service of Neotrope®.