In the title industry, you often see deals on both sides of the table: lenders handing off business to their preferred title agents and underwriters and at the same time, title agents handing off this business to several of their trusted partners/vendors. Multiple parties are involved in almost every deal. Because no title agent wants to staff up, given the volume swings that the industry is seeing today, finding capable partners is the need of the hour.
Having several partners, however, can slow down closings significantly, because of the number of handshakes involved and the possibility of miscommunication. Title agents need to take control of their systems and processes so that they can ensure faster closings for their lender clients. What are ways for them to do this? We list a couple of ways in this post.
For more details, download our eBook ‘8 Keys to accelerate and streamline your closings’
1. Automated workflows
Title agents that process orders for lenders must deal with employees, vendors and service providers. Managing these relationships with a paper-based or an Excel-based system can be very tedious.
A careful and intricate balance of People, Process and Automation can lead to a drastic reduction in employee stress, struggle and effort. This will also have a transformational effect on customer attraction and retention, and eventually company success.
Developing a paperless system that’s accessible from anywhere at any time can be good for managing the ongoing transactions in the agency. An automated process makes new order intake easier and improves quality control. The repeatability of the steps and the transparency of the process allows a manager see how long specific tasks take, decide how long they should take and monitor where files are in the process. If a customer calls and wants to know where their file is, they can be told exactly where it is in the process and about how much longer they will have to wait.
2. Intelligent vendor management
All of us know that processing orders in a title agency involves several moving pieces and good partnerships must be in place to complete even a single closing. In fact, many leading title experts will tell you that when work heats up, time management is critical and ranks even higher than knowing the intricacies of a title closing.
Many title companies engage with several vendors, but manage the relationships and tasks assigned to them manually. This puts the company in a position where they must proactively and frequently follow-up with vendors to make sure that work gets done. These check-ins add up to an incredible amount of time and can easily lead to important tasks slipping through the cracks.
There are several easy ways that title companies can improve performance using intelligent vendor management to avoid mistakes and speed up their processes.
An intelligent vendor management tool will also allow users to rank, prioritize and monitor vendors. It will help organize vendors by product, client or geography parameters. It will also help in auto-populating vendor and client specific contact information into each order that is handed over to specific vendors.
Any viable title production platform should include solutions that provide these 8 keys for title agency success. Visionet created its AtClose platform with these factors in mind and so it sets the standard for agency efficiency.
We’d love to show you a demonstration of this platform, so you can see first-hand, the difference it can make in your operations. Call us today on (732) 334-0998 or send us an email for a no obligation web-based demo.
Alok Bansal is Managing Director of Visionet Systems Inc. and has 21 years of experience in managing strategy and global BPO operations. He excels in optimizing and leading the growth of financial services companies who are looking to take their mortgage operations to the next level.