Companies in the real estate industry are investing in title settlement software to improve efficiency, reduce costs, and enhance the customer experience. Digital title and escrow software involve the use of technology to digitize the entire title process, from searching and examining title records to creating and recording title documents. Another trend is the use of artificial intelligence (AI) and machine learning to automate the title process. AI can be used to search and analyze large amounts of data, such as title records, and identify potential issues or discrepancies. This can help to streamline the title process and reduce the time and cost associated with traditional title searches.
Title companies are also investing in online platforms and portals that allow customers to access and manage their title information and documents digitally. This can help to improve the customer experience and provide greater transparency and convenience. Check out how AtClose offers a consumer portal designed to elevate the title experience.
Pushing the Case for Digitization
The new White Paper published by AtClose, a division of Visionet Systems, takes a closer look at how title companies are working to improve their relationships with lenders. This is critically important right now because the borrower experience, which falls to both partners, is so important in a purchase money mortgage market. As the market continues to slow down, this will be a key competitive advantage for title companies that can achieve higher levels of efficiency and deliver a better borrower experience.
As AtClose Senior Vice President Adeel Ahmad, on the release of the whitepaper points out: “The vast majority of borrower touchpoints fall to either the lender or the title agent, so they hold the key to a better borrower experience. Any inefficiencies or friction-related problems between these partners will almost certainly impact the borrower. That will reduce borrower satisfaction, to a minimum. It will also likely slow down the process, costing everyone more. The answer is better technology.”
But choosing the right technology can be a challenge. The new White Paper takes a closer look at the specific requirements title companies have and the criteria buyers can use to select the right new tools.
This couldn’t be more important right now, because 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.
That will cost them business in this new environment.
As a result, more title companies are reaching out to find out more about AtClose. While the new paper isn’t about our technology, it does provide a good starting point for evaluating any new title production platform. Any solution should meet the following minimum requirements:
Cloud-based Title Settlement Software
Cloud-based mortgage solutions are software tools and platforms designed to streamline the mortgage lending process by providing online, centralized access to mortgage data and documents. With cloud-based mortgage solutions, mortgage lenders, brokers, and borrowers can collaborate on the mortgage application process through a shared digital platform. This can eliminate many of the manual and paper-based processes traditionally associated with mortgage lending, such as mailing or faxing documents and signatures.
Vendor Integrations in Title and Escrow Software
Vendor integrations are an essential component of digital title solutions, as they allow mortgage lenders and brokers to connect with third-party vendors offering specialized services or technology that can enhance the mortgage lending and closing process. These integrations can include credit and underwriting services, e-signature and document management, property valuation, and title services, among others. By integrating with these vendors, digital title solutions can provide lenders with real-time data, streamline document processing, reduce errors, and improve the overall efficiency of the lending process. These vendor integrations can also benefit borrowers, as they can result in faster approvals, more transparent communication, and a more streamlined mortgage lending experience.
Vendor Performance Tracking and Reporting
Digital title solutions can track vendor performance by collecting and analyzing data on key performance indicators (KPIs) that are relevant to the vendor’s performance. These KPIs can include metrics such as turnaround time, accuracy, completeness, and customer satisfaction.
By collecting and analyzing data on these KPIs, digital title solutions can identify areas where vendors are performing well and areas where they may be falling short. This can enable the digital title solution provider to work with vendors to improve their performance and ensure that they are meeting the needs of their customers.
Additionally, digital title solutions can use automated workflows and notifications to track vendor performance in real-time. This can provide visibility into the status of vendor work and enable the digital title solution provider to act if there are any delays or issues.
Overall, by using data analytics, automated workflows, and real-time tracking, digital title solutions can effectively track vendor performance and ensure that vendors are meeting the high standards required in the title industry.
Advantage of an Elevated User-experience
A digital title and settlement solution should provide a comprehensive and robust user interface and user experience that offers better control to users. This includes creating an interface that is easy to use and visually appealing, allowing users to customize their preferences, view real-time updates, and access important data and analytics. By providing a user-friendly interface, digital title and settlement solutions can improve the efficiency and accuracy of the title and settlement process.
Built-in Title & Settlement Workflows
In addition, a digital title and settlement solution should offer comprehensive workflows built into the system and IT support for creating new custom workflows. This means that the solution should provide predefined workflows that cover the entire title and settlement process and allow users to easily manage tasks and track progress. It should also offer IT support for creating custom workflows to meet specific business needs. By providing a flexible and customizable workflow system, digital title and settlement solutions can improve efficiency, reduce errors, and ensure compliance with industry standards and regulations.
An additional concern for many title companies is freedom from any title underwriter. The right platform will allow the title company to work with any underwriter they wish.
Get all of the details in our new White Paper. You can download it for free here.