Assurance of turn time and quality while processing bulk title search volumes
Title agents across the US play a very important role in mortgage transactions that happen across the nation. They are the go-to agencies for lenders for a variety of services related to title search, lien and judgement search, closing disclosures etc. Most title agents are traditional businesses, which focus a lot on relationships with their lender clients.
A lot of lender requirements require bulk searches to be conducted. These could include cases identified in early stage default, HELOC verification cases, or situations where servicer portfolios exchange hands with investors. In such cases, time and quality both is of the essence. Lenders will reach their trusted title partners to do this for them.
The opportunity for Title agents
With the swings in origination volumes, most title agencies have chosen to operate cautiously. They do not staff up with resources in anticipation of large order volumes. They tend to depend on 3rd party agencies who can help them with their work. But the quality and accuracy remain a challenge.
When they are thrust with this bulk opportunity from lenders, they typically will have a small window of opportunity, in which to say ‘Yes’ or ‘No’. Both options have their own inherent risks. Saying ‘Yes’ and not being able to deliver puts the relationship at risk, which they cannot afford. Saying ‘No’ means they are losing on a growth opportunity and could also mean they may get fewer opportunities like this in the future.
Can there be a virtual capacity with the assurance of turn time & quality
Outsourcing is not new to the title agents, but given the liability clause with their lender clients, they need to be sure that the 3rd party vendors that they work with are able to deliver, on time, on budget and on accuracy. If they can find such 3rd party agencies, then this helps solve their growth challenge as well as ensures that there is no risk to the lender relationship they value so much.
Visionet has a proprietary Digitized Title Research and Collation (D-TRAC) solution to automate bulk title search requirements for the Title Industry. In its digitized approach, Visionet has on-line access to 2000+ counties for Title Researches, which is the maximum in the industry. Furthermore, we have a proprietary middleware called AtClose, which guides researchers to the right digital resources, which increases accuracy and reduces time, both. For more info, you can visit our webpage
Once the Title Research is completed, Visionet uses an automated tool for segregating the Title Search, automatically extracting the relevant data fields, and automatically generating the reports. Visionet has over 2 decades of title industry experience and currently processes title search volumes of over 40,000 per month.
Isn’t it time you explored working with Visionet as well? Reach us for a demo and you will quickly know why 6 out of the 8 top title companies trust our title search and production capability.