The biggest challenge title companies face today is the friction caused by having to juggle a multitude of tasks, deal with various vendors and handle the ensuing sluggish turnaround times in a manner that satisfies both their lender partners and the borrowers they both serve.
We wrote about this recently in ALTA News.
As one might expect, efficiency can suffer given the huge work volume and multiple parties involved in the process. A study conducted across title agents bears that out, showing that 69% of respondents said they are personally involved in up to 25% of closings in a month. That tells us they are not using automation effectively.
If the title company’s staff is having to manually place orders, track them and make phone calls to keep them on track and then check the results for accuracy when they are received, there is no way they can be efficient. On the contrary, they have little hope of meeting the expectations of either their lender partners or the borrower.
If title companies don’t have an efficient system that can help them streamline the entire title production process, they will be unable to reduce the friction and incapable of meeting the requirements of either the lender or the borrower.
This problem will make other challenges harder and more damaging to the reputation and potential growth of any title company. And while the issues may start with their lender relationship, if not solved they will impact every other relationship the title agent has in the transaction.
For more information, please download a copy of the new White Paper on our website.