Multichannel mortgage lender Newrez has launched Newrez TitlePass for use in its wholesale channel, giving mortgage brokers a way to waive the lender title insurance requirement on certain refinance loans. This could potentially save borrowers hundreds or thousands of dollars in closing costs, the company said Monday.

The program is offered exclusively through Newrez’s affiliated title company, Avenue 365/Avenue Title Agency, and is currently available in 18 states through the Newrez wholesale business.

TitlePass applies to eligible conventional rate-and-term refinance loans with loan-to-value ratios up to 80% that receive automated underwriting system (AUS) approval, according to the announcement. details ⇒

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