Artificial Intelligence and Machine Learning: Bringing New Opportunities for Title Agents
by Shamit Vohra
A few years ago, the title industry embraced the wave of automation with a lot more enthusiasm than their mortgage counterparts. Slowly many title agents have been able to automate many redundant and repetitive tasks involved in their search and examination. They have seen how automation helps them save time to complete a task, reduce human dependency to serve their end customers better.
AI & ML – The New Talk of the Town
The new talk of the town is Artificial Intelligence (AI) and Machine Learning (ML). But many title agents do not understand these technologies well, and they do not know how this will impact their everyday lives. But they slowly realize the opportunities AI and ML offers to help title and settlement companies in meeting their customers’ needs. Even today, title agents face a lot of pressure to reduce operating costs, improve efficiency, and do things more efficiently than before. The application of these new technologies will help title agents to become more competitive and gain more market share.
To explain these technologies a bit more, we need to understand what they do precisely. Artificial intelligence is the latest technology that attempts to mimic human thinking and reasoning using programs that write themselves via machine learning. To update these AI programs, machine learning analyzes and identifies the patterns of behavior, actions, and results regularly. All in all, this is the next step in automation. And the application of artificial intelligence and machine learning to automation allows you to manage a lot more tasks in less time.
AI in Mortgage
AI has already been found useful in many tasks included in the mortgage origination process. AI technology allows mortgage professionals to reduce the time needed to fill out documents and can pinpoint any issues, making it very convenient to address them quickly. AI is capable of speech and image recognition, which helps to locate the information you require. All of this means that lenders can now shorten the origination process by a few days, saving time, money, and effort for all the parties involved.
AI in the Title Industry
Title agents have started leveraging AI in the typical orders they receive every day. These could include Digital documents, Public records, Assessor, E-recording, Starter files, Customer demographic data, Consumer profiles, Credit histories, Financial data, Transaction histories, and Customer interaction histories, etc. As big as this list is, not many title agents or service providers have reached a stage of implementing AI to all suitable mortgage and title processes as yet. In this starting phase of AI and ML, it would be best for title agents to partner with third-party service providers to get the best out of what AI has to offer. These service providers are always on the lookout for how they can make lives easier for title agents, especially using AI. As a title agent, you don’t need to spend any time in the development and implementation of this technology.
Someone like Visionet can help you with this. Visionet has developed a proprietary AI-powered solution, D-TRAC (Digitized Title Research and Collation), to automate title search requirements for the title industry. D-TRAC helps deliver significantly improved quality of results, along with reliable delivery timelines, making the bulk search operations predictable.
Using D-TRAC, our title ops support team can auto-identify the right data source for a title search. Its powerful OCR tool helps extract and digitize relevant information, and its AI-enabled auto-typing reduces report generation time by more than 30 percent. All of this involves minimal manual intervention, so that accuracy levels of 99 percent-plus are guaranteed. The title agents are able to commit to the quality and timeliness of the deliverables, with confidence.
When predictability in title operations is improved, title agents can take on more business and be sure that they can deliver on their commitment to their lenders.