Transaction management software for the title insurance industry is now mature. We have existing tools that have been in use for a long time. Unfortunately, some of them are now outdated and none of them provide all the functionality title agency executives need to remain profitable in this environment.
We wrote about this recently in a new white paper that is available now on our website. In our paper, we point out the urgent need for title companies to update their technologies and spoke about the specific benefits of doing so.
The Pressing Need for an Advanced Title Solution
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 become incapable of meeting the requirements of either the lender or the borrower.
To prepare for the future, title industry participants need a structure that can enable them to improve operational efficiency, quality and productivity while empowering their employees to work smarter and position for future growth.
Our paper clearly outlines this need and points to a solution worthy of consideration, but in this post we want to take a closer look at the benefits the right title company automation will offer.
Six Benefits Title Agencies Get with Better Software
There are a great many benefits title companies enjoy when they have the right technologies to support their businesses. Here are six that come specifically from having specialized software for the title agency.
By integrating automation throughout the entire process and with all parties involved through pre-built portals for the lender, vendor and borrower, specialized software allows for faster communication that can shave entire days off the total cycle time.
Better Profit Margins
Specialized software increases efficiencies, which will lower costs and provide an opportunity for flexible vendor pricing that does not require additional human intervention. This results in higher profit margins.
Better Staff Management
With better automation and preset guidelines, title agencies can get more work done with fewer full-time employees, allowing them to shift the people they already have on staff into higher value positions. It also allows less experienced staff to operate more efficiently.
Better Data Security
Because these advanced systems are based in the public cloud, data security becomes a key benefit. These companies have spent millions to protect their customers’ data and that protection extends to every agency using the platform.
Easier Software Integrations
The modern mortgage process requires collaboration from a number of stakeholders. Modern agency software makes it easy to connect their technologies and share data seamlessly and securely.
Vendor Performance Tracking
As both title companies and mortgage lenders rely heavily on vendors for third party services, vendor due diligence and management is a common challenge for all of them. The right title production platform will offer strong vendor management modules that offer many benefits to the user.
Getting these advantages requires you to pick the right technology. Ready to evaluate something that gives you all of these advantages and more? Call us today or download our new white paper.