There is no stronger partnership in mortgage origination than the one that exists between the lender and the title/closing agent. More information must flow seamlessly between these partners than between any others. And TRID compliance requires both parties to get that data exactly right.
We wrote about this in some detail in a recent article that appeared in ALTA News.
With the vast majority of borrower (and agent) touchpoints falling to the lender and the title company in the mortgage origination process, any inefficiencies or friction-related problems between these partners will almost certainly impact the borrower. That will reduce borrower satisfaction and likely slow down the process, costing everyone more.
With the multitude of joint tasks that are required to close mortgage loans and finance homes in a hectic market, mortgage lenders and title insurance companies are always working to improve their own workflow efficiencies to better manage their relationship and to ensure business growth for all parties.
While a number of technologies exist to make this process easier, it has traditionally been difficult to gain the adoption required, given that the average age of the professional in the title industry is now 60 years old and lower volumes are driving company earnings down.
Mortgage lenders and title companies not only face the aforementioned day-to-day challenges, but complications often arise and can include volume spikes, changing interest rates or additional compliance requirements. The pandemic is a prime example of a volume spike, one that caught most industry pros by surprise. These principal partners must be able to manage the considerable daily challenges while being prepared for the unknown.
For more information, please download a copy of the new White Paper on our website.