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CASE STUDY: NVR CORP.
Type: Title Insurance Company and Law Firm
IN A NUTSHELL
The client is actually two related companies, a law firm specializing in real estate closings and a title insurance company. Together, they handle more than 4,500 closings in the average year – more than any single firm in the Capital Region. The companies worked with a software information system built and updated by ADS Business Intelligence for nearly two decades. And as times and technology changed, they looked to ADS for an even more comprehensive solution.
The law firm, IAR, provides real estate closing services, most often representing the lender. They prepare the bulk of closing documents, including performing the numerous calculations that are a part of the process. NVR provides title insurance on properties for both lenders and owners, which includes conducting property searches, preparation of abstracts of title, etc.
“ADS has helped us overcome literally hundreds of challenges,” says NVR Comptroller Brenda LaFave. Top of mind examples: how to reduce the time and errors involved with producing monthly remittance reports, which reconcile amounts due to title insurance policy underwriters, pulling information from hundreds of closings files each month.
Another ongoing challenge is producing unique documents such as a Statement of Sale, when NVR might represent the lender and IAR represents the seller. Another is that different people need to access the same file to make updates without affecting the other’s data. This needs to be constantly monitored and controlled by the system to ensure that everything stays in sync to prevent wasted effort.
“Our monthly remittance report process is now reduced from two hours to five minutes,” says Brenda. “And soon, when we represent both lender and seller, we’ll have new stand-alone file that can be accessed by different people, information can be pulled, adjustments made, without duplication of efforts and without affecting the original.” Currently ADS Business Intelligence is providing program development services to customize this capability, and an escrow-tracking program, utilizing .Net development tools.
THE FINAL WORD
Brenda LaFave, NVR comptroller: “If I think there might be an easier way to do something, I call ADS. Period. They’re always straightforward. ‘This won’t work. This will.’ they tell me. They have grown with us, from a program that was tailored to our unique needs which served us for over 20 years, to customizations and tools that they create to make us more efficient.”