For decades, the Title Search market has been a complex, inefficient, and paper-based process. Furthermore, the records stored at the county level make it difficult to operate on a nationwide scale. This seems to be changing with the advent of technology.
The past few years have seen a shift in the role of the real estate agent. Homebuyers are now seemingly able to explore home listings using online search portals and digital touch prints even before they connect with an agent.
With more and more pressure from technologically equipped mortgage lenders for better integration, a shift towards electronic documentation and increased profitability are the driving forces for adopting technology in Title Search.
By using automated software and incorporating technology, Title Search can attract better customers, drive consolidation, grow faster, and improve profitability.
Why has technology in the title search industry become important?
The rise of online mortgage lenders has allowed consumers to easily search and compare plenty of lenders at a single go, making it easier to comprehend the best option to write a mortgage.
The local bank is no longer the only choice since these online lenders function on a national level and have no existing connections with local title agents in each county. Thus, online lenders prefer to work with title agents that can operate on a national level.
The demand for such requirements has opened up new opportunities for title agents to serve these mortgage lenders and grow. By developing more effective and efficient internal systems, title agents will be able to serve clients better and build robust integrations with them.
Apart from building integrations with mortgage issuers, title agents need to get data from local county offices and title plants, tax records, court records such as liens or judgments against persons. Provided these sources are digital, the data may be found in pdf scans of paper, formatted in a different way from each vendor.
The title agent also holds a key responsibility of curing any liens or encumbrances before issuing the title insurance. This process usually requires two-way communication between the person handling the records and the title agent. In most cases, this is done via phone.
Automating these data inflows and outflows using new technologies and software systems will allow title agents to build a company that scales profitably. By doing so, they can gain significant competitive advantages, improve profitability, grow and become valuable strategic assets against their competitors.
Provide outstanding service using technology
For a title agency, apart from meeting the requirements of the client, identifying and exceeding baseline expectations in the lender relationship is important. In order to become a prominent player in the market, a title company should become a single-point contact in multiple states, offer reasonably priced title searches, record deeds electronically, provide faster closing experiences and expertise in various types of title searches such as Current Owner Search, Two Owner Search, Full Search, Title Search Update, and Document Retrieval, provide lenders with lead data and offer fast TAT with utmost accuracy.
It is important to choose a title search company that delivers accuracy and fast turnaround times along with E&O insurance. When researching for title search companies, it is advised to take the above points into consideration to achieve the best results. To avail Title Search and Settlement services, get in touch with us at Orchestrate.com.