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The Value of Open Integration Frameworks in Title Production Systems

March 25, 2022

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The mortgage market experienced an all-time high in 2021 thanks to a mix of low interest rates and limited availability in desired areas leading to an overall increase of 16.9%, according to data from Freddie Mac. The Mortgage Bankers Association forecast says that 2022 could be a transition year, moving from a refinance market to a purchase market.

The work volumes for a title agent are directly dependent on the fortunes of the mortgage industry. The cyclicality of orders leads to work volume flux making it important for title agents to plan their workflows in a way that can let them meet scaled up volumes comfortably.

According to data from Freddie Mac, 2021’s mixture of low interest rates and high demand elevated the mortgage industry to record levels across the board. Optimistically, the Mortgage Banker’s Association has forecasted 2022 to continue these with trends. For a title agent, this is great news, as it offers a great deal of promise, opportunity, and security for the foreseeable future. Which is why the best title agents and organizations are focused now more than ever on working smarter, not harder.

Multiple vendor partnerships

It is also a given that title agents have to work with multiple vendors and partners as they try to meet the influx in refinances and home sales. There are several moving pieces and partnerships need to be in place in order to scale. Each vendor partner comes with certain specialized service expertise and greater proficiency in a particular field. It’s often overwhelming which means there’s a high need for a vendor ecosystem for increasing operational efficiency.

However, managing multiple vendors can be complex and expensive. There are a number of factors that can leave title agents perplexed while managing multi-vendor relationships like costs, time and resources. There is also a risk of incompatibility between the technology that different vendors use. Most title production systems will also have their existing integrations with multiple systems that may or may not allow to add new vendors as required.

Smart Title Agents already have networks of service providers. Whether they are part of a large company or small shop, agents rely on this network to handle complicated and specialized services and provide the expertise needed to get the job done. There are a lot of moving pieces, and it can easily become overwhelming to operations of any size. Also, the costs of time and resources spent on incompatible technology can be a hard lesson to learn, and oftentimes threaten the livelihood of the entire company.

Single dashboard for vendor relationships

However, the need is for a single dashboard that integrates all information related to different vendors as an integrated ecosystem to achieve high vendor management effectiveness. A single dashboard provides the required capabilities to manage complex ecosystems, monitor vendor performance and leverage vendor capabilities in order to drive innovation, cost savings, and efficiency gains. The necessity for integration is inevitable to for all vendors to ensure convergence and end-to-end service integration.

Surprisingly, many title agents are still struggling with having a single dashboard. They often spend time in frequently checking work by different vendors to ensure that the completion of tasks is happening, as per plan. These check-ins add up to an exhaustive amount of time and can easily lead to important tasks slipping through the cracks.

Most Title Agents agree that a single platform for vendor management would drastically decrease their stress levels by streamlining their efforts in to one system. A single dashboard provides the required capabilities to manage complex ecosystems, monitor vendor performance and leverage vendor capabilities to drive innovation, cost savings, and efficiency gains. Title Agents that have used a single, robust vendor management system often refuse to use anything else thereafter. The benefits to each individual worker are overwhelmingly obvious.

Robust cloud-based system for vendor data

As a title agent, what you need is a robust system where your vendors can upload data related to their orders on one central system on the cloud, so that the dashboard always stays updated. This system becomes your single, cohesive point of data exchange with your vendors, and one that saves time and reduces error rates for you. It helps improve the ability to work with key vendors seamlessly and deliver superior integrations to provide efficiency and reduce manual effort.

Considering our new workplace dynamics, the benefits of a cloud-based system are also proving their worth. Centralized systems in the cloud offer flexibility to workers who may work from offices or home, or even their local coffee shop. Being that the cloud-based systems are technology agnostic, companies can maintain important levels of platform uniformity across various workspaces and hardware.

Importance of open integrations networks

While using a cloud-based system, it helps to have an open integrations framework where all vendors can be directly integrated with ease in the ecosystem. Such a system has strong vendor management capabilities and acts as one centralized hub for all things related to vendor management. The open integration provides seamless access to vendor data and offers immersive information for informed decision making. It is developed on open standards which makes the entire process of adding and replacing components easier.

Summary

AtClose offers open integration framework that can be directly integrated with all major vendor systems. By implementing AtClose, many businesses in the Title & Settlement industry have significantly improved their bottom line. AtClose users experience several benefits like improving accuracy, reducing repetition, enhancing vendor relations, and saving time with the powerful Title & Settlement features of AtClose.

With a high level of customizability, AtClose’s suite of solutions adapts to the specific operational processes of your business, significantly reducing closing time. This combination of value, ease of use, adaptability, and performance makes AtClose an ideal choice for Title & Settlement businesses of any size.

Get in Touch to know more.

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