Leveraging Technology: Does Your Title Company Save You Time and Money?
Leverage the Right Technology and Improve Operational Procedures
The preliminary thoughts on this question center on the idea of performing an informal audit of your title company’s technology to discover how it is impacting your operational procedures.
The underlying premise is that today’s technology tools are available to deliver instant, accurate and secure information to your management and operations teams, saving you time and money.
Four Questions to Ask Your National Title Company:
1. Can you provide exact title insurance, closing and recordation fees in SECONDS to allow me to prepare accurate an accurate GFE?
If so, are those fees accessible online, and through the loan origination platform currently used in processing? Platforms such as these below feature automation with their title and closing vendors:
Ellie Mae’s Encompass
Calyx Software’s Point
WIPRO Net Oxygen
Integra’s Destiny system
Your originators or processors should not have to send emails, faxes or make phone calls to get this information. If it is not instantaneous, through an online platform, your production turn times and pipeline are being adversely impacted. That costs you money. Don’t settle for less than what is available in the marketplace
2. Can you retrieve completed Title Commitments from inside your loan origination platform, delivered directly to our desktop?
If you have to leave your platform or Loan Origination System, you are losing money and precious time in process. If this process is not automated into your platform, don’t settle for less than is available in the market today.
3. Can you provide tools for my origination and processing teams such as a Nationwide Closing Cost Calculator?
An Automatic Endorsement Generation Tool? An online Closing Calendar? Are my closing packages imaged following disbursement, and accessible online by my team? Is a communication and notes portal in place to get real-time status of process stages and file events? If all of these questions are not answered in the affirmative, don’t settle for less than is available in the market.
4. Can you provide title and closing services nationwide, and truly be your one-stop solution for refinances, purchases or equity loans?
The Title Services your company provides today may be local, regional or national. Ask your Title Provider if they provide true National Coverage for you. It costs you money to search for Title Providers in markets you currently do not have coverage in. So, don’t settle for less than is available in the market.
What are other areas is your organization looking to improve with efficiency?
First Title& Escrow prides itself in educating Lenders, Banks, Brokers, Servicers and other Real Estate verticals, understand what’s available in today’s market as the technology environment expands, with the goal of decreasing cycle times, saving clients the time and expense as they expand their business.
You can also check out the latest First Title & Escrow updates by visiting our social media pages: