For Title Agents, Quality and Turn Time Matter the Most – Insights NS3 2019
by Shamit Vohra
We were at NS3 in Phoenix, AZ earlier in June and it was great meeting so many people across the title industry and validating what title agents are looking for, from their partners and associates.
Here are some of the important things that we discovered through our meetings and discussions at the event.
- Predictability in title operations is important
Predictability in title operations means complete transparency and control over delivery with known output quality and the timeline for fulfillment. As is, it is a challenge for the title agents to attain predictability in the title operations. The problem becomes compounded when the same is expected out of the 3rd party agency.
Typically, the bulk search requests from lenders come with strict delivery timelines and title agents need to make a quick decision on whether they will be able to service such requests. Timeliness and quality of delivery are important 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 title operations can confidently take on more business without worrying about their ability to deliver.
- Quality, turnaround time and transparency are key factors for vendor selection
Outsourcing is not new to the title agents. However, given the liability clause with clients, they need to be sure that the 3rd party vendors that they work with can deliver accurate results. Several vendors nowadays offer online portals to title agents, where they can check the status of their orders in real-time for increased transparency.
If title agents can find such 3rd party agencies, which offer both improved quality and faster turnaround time, then this helps solve their growth challenge. That way they also ensure that their valued lender-client relationship is not at risk.
- Title agents are investing in technology to streamline title 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 unique business requirements can power-up the delivery capability without adding to the costs.
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 search with guaranteed quality and turn-time.
Visionet’s D-TRAC can auto-identify the right data source for title search. Its powerful OCR engine helps extract and digitize relevant information and its AI-enabled auto-typing reduces report generation time by 30%. All of this with minimal manual intervention, so that accuracy level of 99%+ is guaranteed.
Predictability in quality and faster turnaround time are major differentiators for title agents. These are the key factors that title agents consider while evaluating their potential partners. Visionet’s industry-leading solution D-TRAC can help title agents consistently deliver on their commitment to lenders.