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First Title may soon add a range of new lenders to its fast refinancing system.
The property risk insurance firm is in discussions with seven lenders about adopting its FASTRefi system, according to Chris Evans, general manager of sales and relationships.
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Mr Evans told The Adviser that he was unable to reveal the lenders for confidentiality reasons, but that they could come on board by the first quarter of 2015.
Lenders that already use the system include NAB, Westpac, St George, Bank of Melbourne, Advantedge Financial Services, PLAN Lending, ChoiceLend, FASTLend and Resimac, he said.
Sintex general manager Cathy Dimarchos told The Adviser last month that it was "absolutely ludicrous" that banks typically take four weeks to process discharges.
Mr Evans said FASTRefi allows refinances to take place with no attended settlement.
Funds are sent electronically to the outgoing financial institution once loan documents have been properly executed and returned, he said.
Retention activity is minimised because there is no settlement booking, which means the outgoing financial institution is not alerted of a refinance, he said.
Mr Evans said First Title and the new lender co-ordinate document recovery and registration after settlement.
