What is technology if it can’t positively impact people’s work processes? Better, cheaper, and faster are not the results of people doing the same things they always have. Now, more than ever, title companies need to change.
With interest rates rising, the relatively easy refinance business is gone. Now, with high inflation and historically high home values, affordability is reducing loan volume even more. Today, title companies must be experts at satisfying new home buyers.
Aside from the lender, no one touches the consumer more than the title company. It falls to professionals working in this part of the business to make the changes that will result in higher borrower satisfaction and the efficiency that ensures title company profitability.
Of course, that’s not easy. Here are a few of the complications title agents are dealing with now.
A Complex Process
Every mortgage loan involves many stakeholders and multiple customer touchpoints, with both the lender and the borrower. There are many other stakeholders in the transaction and the title company is the common denominator that gathers all of their data for a smooth and efficient loan closing.
When you have this many stakeholders involved in the same transaction, managing it efficiently can be…well, gruesome.
But it doesn’t have to be that way.
Managing Title Complexity
In our experience working with title companies in every state, we have found that the friction between their various processes is nothing short of alarming. Given the concern that falling loan volume has on management, some title companies are holding still and hoping for a better future.
This is a massive mistake. The only way to solve the problem is to change to something that works better. That’s why we built AtClose.
AtClose is developed in order to enhance internal processes for title companies and lending institutions.
The Consumer Portal we built into AtClose is specially designed to streamline strenuous processes so that the borrower can enjoy a seamless experience. Communication is a major part of these processes, and the primary purpose of our consumer portal is to ensure that the communication channel is maintained and never compromised so that closings can be executed faster.
You should see what we’ve built. Our online demo is easy to schedule and won’t take up much of your time. Let us give you a glimpse of the change that can make all of the difference in your title business in the days ahead.
We can’t predict what the future will hold. What we can say is that title companies that make the right changes now, investing in the right digital technology will lead the industry.