Why Technology Plays a Key Role in Title Production

In a volatile mortgage market, changing interest rates and compliance scenarios coupled with the global pandemic have all meant that mortgage lenders are dealing with constant change.

Moreover, record-low mortgage rates in 2020 have been luring buyers. The Mortgage Bankers Association (MBA) has projected mortgage originations to total about $2.61 trillion this year, a 20.3% gain from last year’s volume. Refinance originations are also expected to double earlier MBA projections, increasing 36.7% to around $1.23 trillion.

In other words, amidst this flurry of activity and a housing-market surge, mortgage companies may feel staff strapped, especially at a time where more people must work remotely. Capacity is a real issue and managing paperwork is getting more and more difficult.

Title search: A resource-intensive process

In this situation, one aspect that mortgage lenders are likely to face challenges with is the title search process. A title search is an extremely important step in the mortgage process considering it involves an examination of public records and other documentation about a property to ensure it is able to be sold and its title is free of any claims, liens, or other issues that could jeopardize the buyer’s ability to legally own the property.

The title process is highly resource-intensive and also involves nitty-gritties that require a considerable expenditure of time and money at this crucial stage. Title ordering, financial analysis, title transfer, obtaining property insurance, acquiring the mortgage policy, etc are some vital requirements when dealing with property titles.

The pandemic has taught us that in the middle of all the challenges, technology will continue to be a driving force in defining how we do business. Overall, technology is vital in being able to provide superlative customer service by improving transparency, communication, as well as allowing for feedback to empower process improvement. Embracing and optimizing the power of technology will be the key to providing services with speed, accuracy, and quality.

Role of technology in the title search

Moreover, for any company working to remain relevant in this ever-changing market, the capacity to efficiently process many types of transactions is crucial. A title search is one process that could speed up immensely through the use of technology. A title search involves the coordination of various aspects within a transaction, from compiling title history to ensuring all documents are processed on time. Expediting this process aids both the customer and the provider.

Mortgage lenders can partner with service providers who offer comprehensive title searches leveraging multiple data sources including county websites and client provided documentation. With the help of technology, service providers offer title agents an edge or advantage over the competition. Such service provider companies support their clients in carefully planning and executing multi-phase technology use with customized services crafted to meet the unique needs of each individual client.

The latest technological advances in the title industry are capable of promoting efficiency in task-based settings by supporting a steady workflow system so that more tasks are completed in an accurate and timely manner. Technology also helps enhance transparency throughout the process by enabling open and personalized communication. In today’s mobile-dominated environment, it is essential to ensure all parties are suitably informed, and technology helps keep all the stakeholders in the loop while offering better customer service to consumers.

How Visionet can help

Visionet can offer support and assistance in the title search process through cutting-edge tools to help lenders reduce costs, streamline closings, and increase compliance. The company’s innovative digital solution for title production, Digitized Title Research, and Collation (D-TRAC) has been delivering stellar service to clients. D-TRAC transforms the title Search by leveraging AI/ML to deliver improved accuracy at reduced costs.

D-TRAC is an AI-powered solution to automate bulk title search requirements. It helps deliver significantly improved quality of results along with improved delivery timelines. Its key features include online access to 2000+ counties, Automated Tool based data extraction and auto-generation of reports, Auto-typing for faster report generation, and avoiding manual errors. Some crucial business benefits of D-TRAC for clients are faster processing of title search, improved accuracy leveraging AI/ML, reduced cost of running title search, and faster generation of reports in formats as specified by the client.

D-TRAC ensures accuracy and accelerates processing for an automated bulk title search, improving productivity by 40%, reducing turnaround time by 30%, and enhancing accuracy in delivery by 99%. Owing to the flexibility and capability of D-TRAC, clients were also able to take on more orders with custom requirements. Besides, with the strong title domain expertise of over two decades, Visionet can on-board clients within days with D-TRAC.

To know more about automated Title production services, get in touch with us.