There has been an unprecedented demand for digital tools and the need for automation in the title industry. Given the paradigm shifts in technology towards supporting virtual, there has also been an increased need for cloud-based technologies for different areas of title production — that are scalable and efficient.
At a time when the global digital lending market is set to grow from $10.7 billion in 2021 to $20.5 billion by 2026, it is imperative to look for dynamic and smart title solutions to address the efficiency challenges that impact title and escrow companies in today’s increasingly competitive environment.
Let’s deep dive into why investing in future ready digital mortgage title production solutionwill facilitate seamless workflow management and business scalability in 2022 and beyond.
The role & value of cloud-based workflows in title production systems
In today’s increasingly competitive environment, most title companies face several efficiency challenges. Traditionally, title companies have had to manage separate pieces of property information, either manually or through disparate systems. However, given the fast-paced digital work environment, these processes are not feasible, time-consuming and also subject to data-entry errors and potential security concerns, resulting in a delay in closings. New age cloud-based workflow solutions are the perfect fit since they provide a single point of integration for title companies to connect with all their different service providers.
Open Integration frameworks and their value
Today, consumers expect a streamlined and digitally-enabled transaction experience in every type of purchase, real estate being no exception. As Title agents play a key role in closing real estate transactions, they have to coordinate with lenders, buyers, sellers, underwriters, recording, tax jurisdictions and other third-party entities to review title, facilitate closings and paperwork. This leads to the use of more than one system with each system running on a different platform resulting in a highly disparate IT environment. Managing multiple, disparate software systems can pose a major challenge as supporting and coordinating across these systems can be an expensive and time-consuming affair.
The need is for state-of-the art, web-based systems for Title and Settlement services that facilitate centralized management for multiple companies, running as a single application instance. This allows Title agents to conveniently administer workflows through a single, consolidated interface, while exercising complete control and streamlining the process. Even if title companies continue to use some 3rd party systems, the ability to fetch data from these systems to the central title production system is very important. This is where having an open integration framework becomes pivotal.
Advanced vendor management capabilities
At a time when title companies interact with multiple third-party vendors, managing relationships and following up for deliverables can get very complex and tedious. Vendor management is often one of the biggest challenges and a factor that can escalate costs in scaling the business.
Besides, the collaboration and ensuing management can result in high fees and frequent order fulfilment delays. It helps to have a powerful vendor management portal that allows title companies to easily manage a number of vendors smoothly by facilitating digital onboarding, collecting critical information securely, streamlining documentation, all while maintaining a robust vendor database along with a secure backup.
Industry leading UI/UX
As a title company, you will prefer a solution that is easy to use and friendly. An intelligent vendor management solution holds at its core the ability to provide a great experience in terms of functionality and benefits. The technology used to develop such a solution has to be intuitive and one that allows you to freely operate without getting confused or lost. If users can achieve what they want to achieve within 2-3 clicks in a soothing environment, then this helps a lot.
AtClose: The New Generation smart closing solution
AtClose is a new generation future ready digital mortgage title production solution which enables faster closings for title companies. AtClose is a digital mortgage product solution from Visionet, a mortgage industry leader for over two decades and processing more than 70K files per month with roots firmly entrenched into the mortgage & title industry.
AtClose can elevate the closing process by offering end-to-end new generation cloud-based solutions for facilitating title, appraisal and settlement processing. Here’s how:
- AtClose’s state-of-the-art features allow for a holistic model in terms of managing all mortgage workflows in an automated fashion. All you need is a web-browser which can be accessed from anywhere.
- AtClose provides workflow customization to formalize your existing vendor on-boarding process. With our vendor score-carding process, it is also possible to auto-allocate orders based on availability and past performance delivered by the vendor.
- AtClose offers an adaptable interface that is user-friendly, easy-to -use, focused on improving conversions and increasing customer engagement. The platform’s navigation is intuitive with enhanced menus for a more efficient user experience. The robust UI/UX enables faster user adoption among title agents, as they service current clients and are able to streamline title production.
If you are a title company looking for a future ready digital mortgage title production solution to enhance your closing experience in 2022, connect with AtClose. To learn more about AtClose, request a live demo.