LUXEMBOURG--(Marketwired - November 09, 2016) - Granite Risk Management ("Granite"), a construction risk mitigation provider, and Premium Title, a national provider of title and escrow services, announced today the launch of a new construction title platform for residential and commercial construction lenders, CTPro. CTPro is powered by Premium Title and built to make order placement, delivery and status tracking faster and easier. CTPro streamlines highly fragmented processes and can help to reduce costs.
Combining Premium Title's platform with Granite's construction expertise the CTPro™ platform provides clients with a single, centralized destination for all construction title and settlement work nationwide. CTPro also delivers automated notifications for every step of the process, enhancing responsiveness to requests and enabling clients to receive title reports within three business days after order placement.1
Granite honors its industry-standard quoted fees with no additional costs for pre-starts. The platform can also help reduce associated fees by issuing blanket title coverage at the loan closing, which helps to eliminate the costly draw endorsement fees typically required during the disbursement process.2 This standardized pricing can also minimize potential disclosure complications.
"Today's complicated construction title process, which can include draw endorsements, indemnifications and/or title controlled disbursements, is a result of the challenging borrowing environment that came out of the recession," said Richard W. Nirk, senior vice president of the Granite Risk Management business. "The construction industry is strong and in need of a new, simplified and efficient approach. In combining Granite's expertise in the market with Premium Title's platform through CTPro, we are able to deliver an effective new product intended to meet the needs of clients in today's market."
About Granite Risk Management™
Granite Risk Management provides a full suite of construction risk mitigation services to reduce risk without compromising profit potential. Our system of checks and balances combines in-depth review of state-by-state mechanic's lien laws, best practices and customer service excellence to deliver projects on time, within budget and free of liens. Granite Risk Management is part of the Altisource Portfolio Solutions S.A. family of businesses. For more information, please visit granite-companies.com.
About Premium Title™
Premium Title is an ALTA Best Practices certified, national provider of title and settlement services for refinance, reverse, HELOC, purchase and sale (both REO and non-default) transactions. Customized Premium Title solutions can integrate with a number of loan origination systems and business processes to help lenders lower vendor costs and reduce title errors and barriers to closing. Premium Title is part of the Altisource Portfolio Solutions S.A. family of businesses. For more information, please visit mypremiumtitle.com.
Altisource Portfolio Solutions S.A. (NASDAQ: ASPS) is a premier marketplace and transaction solutions provider for the real estate, mortgage and consumer debt industries. Altisource's proprietary business processes, vendor and electronic payment management software and behavioral science-based analytics improve outcomes for marketplace participants. Additional information is available at altisource.com.
1 72 hour average turnaround time on residential refinance title reports if CTPro's Hi Liability approval not required by underwriter. Turnaround times on commercial projects will vary depending upon project size and day of order placement. If placed on weekends or holidays, reports will be delivered within 72 hours from the first business day after order placement.
2 Unless draw endorsement fees are state-mandated.