How Title Agents can Achieve Growth without Increasing Fixed Costs?
Title agents have a dual responsibility; to ensure that the property has a defect-free title ownership and the lender is informed about valid liens and judgement related to the property.
The tasks of a title agent are multifaceted and complex, right from adhering to the compliances at every checkpoint, identification and fixing of missing heirs, checking for errors in public records, checking for forgeries, boundary disputes to illegal deeds, there is a long list of verification that any title agent needs to perform for each title verification.
Another kind of Challenge – Unplanned Work Volumes and Niche Skills
While the task of a title agent is inherently complex, there are challenges that hit at a totally different level. The undefined cyclicality of orders leads to work volume fluctuations making it immensely difficult for the title agents to plan for team expansions to cater to peak work volumes.
The other challenge is ‘to accept’ or ‘not to accept’ a cross state verification request. Not accepting reflects poorly on the Title agent and accepting the niche verification task can become really daunting, as each state would have its own local abstractors, who specialize in specific counties. The Title agent cannot possibly have existing relationships in several states and counties and must rely on third parties.
Is Partnership and Outsourcing an option?
The flexibility of adding and dissolving a team during peak and low workloads, works wonders for a title agent and hence outsourcing to a 3rd party company is a common step taken. The multi-state presence that these outsourcing firms have, enables the title agent to leverage on their cross state federal knowledge and connections. However, a constant concern of partnering with a 3rd party is non-adherence to compliances. The Fed guidelines clearly state that the liability does not shift ownership and for any non-adherence, the title agent will be held responsible by the lender.
Grow while Cutting Down Cost via Technology and an expert Outsourcing Partner
Visionet has catered to the title and settlement industry for over 20 years and have created a dedicated team of domain experts who offer assistance in title search and verification services. To expedite the verification process and ensure no errors, Visionet uses an inhouse product D-TRAC (Digitized Title Research and Collation) which helps them improve accuracy in title search and process bulk volumes with ease. Visionet’s D-TRAC’s key features include –
- Access to online data of 2000+ counties across the nation
- Automation of Title search process
- Along with middleware AtClose and OCR tool VLR, DTRAC transforms the complete search process, downloading the correct search packages within few clicks
- Autotyping of property report leveraging AI and ML
The end-to-end services that Visionet offers to the title agents provide significant reduction in TAT and provides a one stop solution for all the title needs.
Click here to connect with a Title & Settlement expert at Visionet.