Sterling National Launches Escrow Administration Solution for Small Lenders

2010-07-19

ATLANTA, July 19, 2010 — Sterling National Corporation, a leading specialty insurance and technology-enabled solutions provider for the residential mortgage servicing and insurance industries, today announced the rollout of Sterling Total Escrow Solutions^SM. As the industry’s only complete escrow solution, it allows small lenders to quickly order escrow administration services for new loans and generate the Initial Escrow Disclosure Statement online via TotalEscrowServicing.com.

“From the very beginning, Sterling National has been in the solutions business. We saw that the new RESPA escrow requirements were going to create great challenges to small lenders. The regulations could have conceivably driven them out of the business of originating higher-priced mortgage loans,” stated product line executive, John Tomko. “For community banks and credit unions to turn away these customers would have represented not only a loss of revenue, but a diminished relationship with their customers.” Sterling Total Escrow Solutions is a comprehensive escrow administration solution for small lenders such as community banks and credit unions, who have been struggling to comply with new Real Estate Settlement Procedures Act (RESPA) provisions.

Utilizing a loan wizard and single sign-on security technology, loan personnel are walked step-by-step through the process to enter borrowers’ loan and property information to retrieve real-time tax line information utilizing the system’s 134-million parcel strong database. From there, loan personnel have the ability to amend tax lines and enter insurance information to generate the Initial Escrow Analysis Disclosure statement.

Sterling Total Escrow Solutions includes escrow disbursement scheduling for real estate tax payments and property insurance payments as well as the generation of the Annual Escrow Analysis Statement “Having studied this market, we understand that community banks and credit unions need the support of an escrow expert to help them be successful under these new regulations,” remarked Tomko. “The beauty is that our decade-long experience in tax servicing and thirty years of insurance tracking compliance are embedded in this solution. Now lenders won’t have to choose between investing valuable time learning the ins and outs of escrow regulation or exiting the origination business.”

More information about Sterling Total Escrow Solutions is available at www.TotalEscrowServicing.com.

About Sterling National

Sterling National Corporation, a member company of the QBE Insurance Group, is a leading provider of specialty insurance and technology-enabled solutions for the mortgage servicing industry. It provides hazard insurance tracking and outsourcing services, voluntary homeowners insurance, customized real estate tax services, back office business process outsourcing, and customer care solutions services for lenders, mortgage servicing organizations and homebuilders nationwide. Sterling National is headquartered in Atlanta, Georgia with operations in California, Florida, Iowa, Nebraska, North Carolina, and Texas. www.sterlingnationalcorp.com.