A National Title Company Should Be Like Nordstrom
First Title & Escrow, national title company, is again challenging the mortgage industry to step into the next level of thought around providing the “Nordstrom – Like” mortgage experience, sans designer duds and fitting rooms. We would like to invite conversation through our blog site to build out thoughts around this for our First Title’s clients and the national title company industry in general. From the lender’s perspective of the mortgage transaction, we will explore what the industry (including a national title company) can do to make the lending experience more “Nordstrom – Like” for the consumer. Over the next few weeks First Title & Escrow’s BLOG will pose questions about our process such as:
How can the application process become a “Nordstrom-Like” experience for the applicant?
How do you prepare the applicant up front to supply the critical information needed to verify income, assets and debts without making the experience unpleasant?Your Loan Origination System (LOS) may be assisting you with capturing the necessary information and other documentation required.
Is your title company providing instant Guaranteed GFE and HUD information for you to confidently begin outlining the costs of the mortgage the applicant is requesting?
If the title company is not doing this, does the labor time involved in gathering this information, delay the responsiveness the customers are expecting, thereby adding to the applicants stress ?An interface between your title company and LOS platform is critical to providing the real-time, accuracy required for maintain the speed and consistency in the loan process today.
Is the applicant being handled with consistency?
Does your LOS and title company interface allow anyone on your system, speaking with the applicant, assurance that any information or data received is not being asked for again?This includes explaining or answering questions about estimated costs, items listed on credit reports, and title issues that may arise – all requiring the applicant’s assistance. Without live and accurate data in the lender’s hands, the “Nordstrom – Like” experience begins to wane. Is underwriting looking at the same GFE and Pre HUD as disclosed to the applicant? If you are having to fax and call your national title company for this information and pass it along in a paper file, First Title & Escrow can assist you with that either by utilizing our web site or interfacing your LOS with First Title. Closing the mortgage is generally the only event in the mortgage experience where people actually meet face to face. The mortgage applicant and the title company attorney or closing agent become the face of the mortgage organization. This could be the “Tipping Point” in the difference between your mortgage. You can also check out the latest First Title & Escrow updates by visiting our social media pages: