Making the real estate industry more efficient

Blog

Title Agent Tasks That Make Sense To Outsource

i2

It is clear that technology has and will continue to make it easier for companies to collaborate, regardless of their physical location. Advances in hardware, software, information security and telecommunication make it possible for two parties half a world apart to collaborate as easy as if they were in the same office.

For the real estate industry, with its data and document intensive requirements, and specifically for the title agent closing the transaction this trend presents many opportunities. The ability to collaborate and outsource closing-related tasks to business partners across the country or across the world can greatly reduce processing expense and collapse time-frames. Two results that benefit not only the title agent, but the home-buying public. Below we discuss a few areas where we collaborate with our title agent clients to help them close faster at reduced costs.

Title Searching

Title searching use to be a very localized process. Searches had to be conducted in person at the Registry, abstracts were often hand written and hard copies had to be made on the Registries’ Xerox machine. With more and more registries digitalizing their land records and making online access available, an on-the-ground presence is no longer a requirement and conducting searches remotely is a growing reality.

At String, our experienced teams routinely access registry records to provide our title agent clients with several search related products including updates, single & two owner searches, property reports and tax certifications. With our around-the-clock operations, we can provide searches much quicker than other alternatives, resulting in more time for review and analysis of the search and/or a shorter closing cycle.

Title Commitment & Document Preparation

Data entry and document preparation are process that have been outsourced for decades. Whether through a direct integration, web service or VPN, outsourcing this type of work to a business partner is both secure and easy. By relying on String’s team to prepare commitments, closing disclosures and final policies, our clients can redirect their staff to focus on core business process. Instead of spending time preparing closing documents, our client’s staff can use their time to better address the needs of their customer, a much more profitable task.

Quality Control & Review

The increase in regulation and over-site of our industry has placed a premium on accuracy. Title agents not only have to assure that all the correct documents and disclosures are included in the closing package, but that those documents are true and accurate. By collaborating with a business partner on quality control and document review, the title agent adds another level of protection to assure that their closing package is complete and accurate.

At String, we develop detailed quality control check lists with our clients that are used in conjunction with the lenders closing instruction. Every closing package is reviewed to the check list and the applicable closing instructions to assure the closing package is complete and accurate.

When it comes to collaborating with a business partner and outsourcing your processes it helps to have a highly-defined understanding of your core business. What is it that you provide to your customer? What more can you offer them? With these questions answered you can more readily determine which processes, while likely critical to the overall service you provide, are not core competencies and should be candidates for outsourcing.

If you would like to further discuss this topic, please leave a comment or contact us.

  • Categories
  • Archives
    Related Links