Your National Title Company: Do They Support Your Pipeline and Improve Turn Times?

If you are in the mortgage space, origination, servicing, or REO management you have a PIPELINE!  A pipeline is the flow of product you manage as the flows to Closed, Sold or moves into another pipeline asset category.  Turn Times measure the speed of loans through the pipeline.  Your National Title Company should help you manage your pipeline.

Obviously, better turn times result in more productive pipelines.

As a real estate professional, you rely on a wide array of vendors and partners, such as a national title company, to see a transaction through the pipeline. Ideally, all parties would work together like a well-oiled machine, but unfortunately this state of affairs is often not the case. It is your responsibility to make sure that every person in the process is performing optimally—if a single vendor creates a bottleneck, your company will waste time and resources with every transaction it performs. Inefficiencies can crop up for any number of reasons. A vendor might perform unnecessary extra steps, taking too long to move through the process, or simply spend more time on individual tasks than necessary. But whatever the reason, the result is the same: rising costs and decreased revenue for you and your company.

When evaluating your pipeline productivity, what should you expect from your national title company?

In a word: AUTOMATION. Order entry should be automated. The appropriate forms should auto-populate; your employees should never have to enter the same bit of information twice in a well-designed software system. Everyone involved in a transaction should have the ability push files into the software and automatically append them to the appropriate documents. The HUD-1 and GFE should be automatically delivered up front, and all parties to a transaction should be able to quickly apprise themselves of the documents’ status on a platform that automatically updates itself as each milestone is hit. Ideally, title agencies would work with individual clients to create a customized system in which emails were sent at key points in the transaction.

All of this should be very visible to your management team.

These seemingly minor capabilities add up to a sleek, streamlined process for everyone involved. If they are not there, your pipeline becomes bogged down, runs slow, and costs your company money and time searching for solutions. Pipeline management improves your turn times and your bottom line.

Seek out real-time data systems available in the market place.

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