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Title Industry To-Do: Prepare for a Better Future

As the market tightens, title companies are driven toward greater efficiency.

 

By Shamit Vohra

To not only survive but thrive in the future mortgage market, title companies and lenders must modernize processes and embrace intelligent automation. This is well known and has been written about by many over the past few months.

What is not often provided are specifics. For instance, technology will be absolutely essential, but what requirements should these tools meet to really move the needle for the title company?

We have studied this question and after many years of working with both lenders and title companies, we have isolated a number of requirements that title companies, in particular, should seek out in a new platform to meet their evolving needs in a fast changing market.

Requirement 1: A system based in the Cloud

Thorough industry input and careful analysis indicate that title companies and their agents should have their entire title production system hosted

in the cloud. Like lenders, they need to embrace cloud-based tech tools that allow for a more efficient closing process and offer the ability to provide a better experience for their client base.

Gone are the days of software installed onsite, behind a company’s firewall and maintained by its own staff. That setup doesn’t work with today’s software and its compliance requirements. Software must be deployed by developers to the cloud where they can meet and work with their users virtually.

Moreover, if title companies wish to operate in a secured environment, which they must to remain in full compliance, they will need a strong infrastructure that includes an entire Citrix setup with constant monitoring. It’s the only way to ensure that they keep their operations running.

To do this on their own would require a significant annual investment, which can be avoided by operating within a cloud environment. A cloud-based system allows the title company to set up a virtual office through which it can offer flexibility and always-on connections to its business partners. This is even more important today with remote working setups.

Requirement 2: Easy integration internally and externally

Title companies generally work across multiple divisions, in multiple states. In their work, they interface with multiple vendor partners to keep up with the flow of refinance transactions and new home sales. Every closing involves a number of moving pieces, each played by a different partner.

Each vendor comes with certain specialized service expertise, specialized technology and proficiency in their particular field. Each connection is different and changes as the vendor partner evolves and the relationship changes. We see this most often when compliance requirements change, requiring adjustments from multiple partners.

Keeping up with all of these changing connections while keeping accuracy paramount can be overwhelming, so leading title companies seek out a transaction management platform that includes a powerful vendor ecosystem to increase operational efficiency.

A title production platform with a robust integration framework allows easy connections with multiple systems and partners. Further, as there will be a huge amount of data flowing between the systems, the platform must be capable of seamlessly accepting different data formats.

Requirement 3: Vendor performance tracking and reporting

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. It could be a big time-saver for companies if they could decide whether to work with a particular vendor based on their past performance.

A title production platform that has strong vendor management modules can provide title companies with the ability to rate vendors based on their past performance and commitments. For efficiency, the platform must have the ability to auto-allocate orders based on both vendor performance and availability. Such systems help in vendor evaluation and enable title companies to get maximum ROI from vendors with minimum risk.

Strong vendor management modules can also help title agents to digitally connect with vendors and avoid unnecessary emails, paperwork and overhead costs. Avoiding inconsistent offline orders and more easily resolving issues related to fulfillment tracking, record keeping and accounting are huge time-savers.

Requirement 4: Better control of a robust UI/UX environment

The success of any technology depends upon adoption. When they don’t use, you lose. That goes for overly complicated systems to archaic and boring ones. Title production systems should offer a smart UI/UX, to facilitate easy user adoption.

While smart UI/UX comes out of the box with most applications today, the problem comes when the title company wants to alter it to fit its own needs. Many applications either won’t allow modifications or when they do require IT support at extra charge. A better solution includes some level of IT support.

Requirement 5: Comprehensive workflows built into the system

Title companies’ very expansive workflows require robust, end-to-end system performance covering all the different title and settlement functions and processes, including title production, funding and disbursement, post-closing, scheduling and closing. A system that comes with a combination of value, ease of use, adaptability and performance is an ideal choice for title businesses of any size.

Very few existing technologies meet all of these requirements. Leveraging advanced technologies matched with automation efficiencies during title production can enable title companies to focus on quality control while improving turn-time, accuracy and customer service. 

This is what it will take to succeed now and prepare for a future that hasn’t fully come into focus yet.

About the author

Shamit Vohra is Vice-President of Strategic Accounts for Visionet Systems Inc., a New Jersey-based technology and mortgage-services organization. He can be reached at This email address is being protected from spambots. You need JavaScript enabled to view it.. 

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Secured Signing Aims to Position Lenders for Success

In choosing companies to work with, lenders have many considerations. One of the major takeaways from this year’s MBA Annual is that with the ever-increasing cost to do business, paired with low origination volumes, lenders need to make better decisions related to leveraging digital technologies and exploring innovative ways to cut costs while not compromising the customer service quality. 

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Secured Signing to Exhibit at MBA’s Annual in Nashville, TN

MOUNTAIN VIEW, Ca – (Secured Signing) announced today that Roger Castile, SVP of National Sales and Bill Gimbel, VP of Business Development will be representing the company onsite, at the Mortgage Bankers Association (MBA’s Annual 22), taking place in Nashville, TN this year at the Music Center on October 23 – 26, 2022.

Every year, the MBA hosts their flagship event in different cities around the country, identified as a great spot for MBA members to convene in person and network in a unique way with its attendees and exhibitors, such as Secured Signing. MBA Annual presents many opportunities for its members to see live demonstrations, get the latest industry information, share critical details on the market outlook, (especially during uncertain times), and discuss the economy, recent crises–health, social justice, and how they all intertwine.

Castile and Gimbel will be present during the event. Both will be conducting live demonstrations of Secured Signing’s Digital Signature and Remote Online Notarization, (RON) platforms.

“There is nothing more satisfying than showing a business how to brand, build, protect and promote their image through utilization of Secured Signing white-label, turnkey RON platform offering.” said Gimbel.

“What’s fascinating is that the intuitive, technology-based platform can tailor to the client’s needs by offering a customizable option that can fit into an array of businesses no matter the size or spectrum.” added Castile.

Secured Signing will be exhibiting during the show, located in the HUB, Booth #830 close to the Refreshment spot. 

About Secured Signing

Secured Signing provides a trusted, tamper-proof Digital Signatures platform to the eSignature market with their legally binding document management solution that enables simple and secure eSigning, streamlined document workflows, and remote online notarization in a single cloud-based platform. 

Using advanced personalized X509 PKI Digital Signature technology, it is more secure than a plain electronic signature. Secured Signing’s Digital Signature, Video Signing, and RON platform enables its users to use any device to capture their graphical signature, fill-in, sign, seal and verify documents anywhere, anytime.  

To learn more about Secured Signing visit www.securedsigning.com.

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