How can Title Agents Manage Volume Swings without Increasing Fixed Costs
by Alok Bansal
The last 18-24 months, all of us in the lending and title industry are well aware about the volume swings in the business. That is one of the reasons, why title agents prefer not to add increased fixed costs by getting in more fulltime staff.
In doing so, they get into the challenge of fulfilment, when they have more orders in their hand. Wouldn’t it be great to have partners that can offer variable pricing? This can help them take on the orders and at the same time they do not need to worry any longer about fulfilment as the vendor staffs up the necessary resources for them.
We list a couple of ideas, in which title agents can streamline closings in this post. For more details, download our eBook ‘8 Keys to accelerate and streamline your closings‘
1. Back-office title services to supplement your staff at variable pricing structures
A production platform can do wonders in terms of workflows as well as in bringing automation to several of your assignments and order entry. However, you still need several people to process the ongoing orders.
Keeping full time staff can be a challenge given the volume swings. Having access to a vendor, who can provide back-office title services on variable ‘pay as you go’ pricing model will work very well.
From title search to loan review, loan modifications to HUD settlement, back-office title services will help title agents achieve business results faster, while cutting costs and streamlining operations.
2. Ability to customize or personalize your systems to exact requirements
It is always nice to use ready templates so that your processes are faster. With the right title production platform, you will have ready access to several real estate forms used in closings. You don’t have to find templates; they are already included in the software. You can find letters, contracts, cut-and-paste clauses to be used in other contracts, retainer agreements and much more.
If the documents built into the system don’t meet your needs, that’s not a problem. You can customize all included forms as you wish. You can change wording, pre-populate forms with common information, such as your firm’s name and address, add a logo, or make other modifications. You can even create your own documents and automate them just like the forms already included in the platform.
It is always better to customize or personalize your platform the way you would like to use it. After all, it is your life that the system was designed to improve. Having that flexibility makes it easier for the right platform to achieve that goal.
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.