Title agents play a central role in mortgage transactions that happen across the nation. They are the go-to agencies for a variety of services related to title search, lien and judgment search, closing disclosures, etc.
With interest rates stable for a while, mortgage volumes seem to be reviving, both in fresh purchases, as well as refinances. Most title agencies, however, rightly choose to operate with caution. Staffing-up in anticipation of large order volume can be detrimental to a firm’s growth and viability as the falling margins do not provide any cushion for the lean season. Working with reliable third-party agencies to get the job done has become a de-facto standard. However, the quality, accuracy and timeliness of results must be owned by the title firms.
Predictability in title operations means complete transparency and control over delivery, with known output quality and a dependable timeline for fulfillment. As is, it is a challenge for title agents to attain predictability in the title operations. The problem becomes even more compounded when the same is expected out of the third-party agency.
Typically, the bulk search requests come with strict delivery timelines and title agents need to make quick decisions on whether they will be able to service such requests. Timeliness and quality of delivery is of essence, and without predictability in title operations, it is extremely difficult to make the most of such opportunities. Only those title agents who have predictability in their operations can confidently take on more business without worrying about their ability to deliver.
What can title agents do to ensure improved predictability in their operations
1. Build a reliable virtual capacity by working with capable partners:
Outsourcing is not new to title agents, but given the liability clause with clients, they need to be sure that the third-party vendors they work with are able to deliver accurate results, on-time and within budget. If they can find such third-party agencies, then this helps solve their growth challenge, while ensuring that the valued client relationship is not at risk.
2. Invest in technology to streamline operations:
Technology can make life significantly easier for title agents. Leveraging technology for title operations is a logical step for the title companies to take. A large part of operations can be automated and made error-free with robust technology and processes. Custom technology to meet the unique business requirements can power-up delivery capability, without adding to the costs considerably.
Some of the leading technology solutions can significantly help title companies in their vision to attain predictability in title operations. Visionet’s proprietary AI based solution, D-TRAC (Digitized Title Research and Collation)
to automate bulk title search, is one such technology worth considering. It helps deliver bulk title searches, with guaranteed quality and turn-time.
, our title ops support team can auto-identify the right data source for a title search. Its powerful Optical Character Recognition (OCR) tool helps extract and digitize relevant information and its AI-enabled auto-typing reduces report generation time by 30 percent. All of this, with minimal manual intervention, so that accuracy levels of 99 percent-plus is guaranteed.
This predictability of quality and delivery is a major differentiator for title agents. With D-TRAC, they can confidently take on more business and be sure that they can deliver on their commitment to lenders.
Mikel Martin is vice president–account management at Visionet Systems Inc. He is a title industry professional with more than 25 years of experience in all aspects of title production. He specializes in client relationship management, business process management and digital technology within the title industry space.