The Great Resignation has affected businesses across industries. In 2021, more employees than ever before quit their jobs to move to greener pastures at other companies. Like any other industry, this ongoing issue has and continues to impact the Title industry too driving turnover, internal mobility and the need for companies to find ways to retain talent.
Availability of Skills: A Challenge
One of the biggest challenges that every industry, including the title industry, currently are facing is a dearth of employees with requisite skill sets.
Since the Title industry is largely built on service, Title agents are struggling to find, recruit and hire the skilled labor so essential to their core functions. With a smaller pool of workers and the recent rise in interest rates causing fluctuations in mortgage volumes, Title firms are constantly competing to attract top talent even as they try to retain the people they already have.
While Mortgage & Title have always been an evolving industry, the vagaries of the past two years have created a new landscape fraught with anxiety that could easily cripple the most seasoned title insurance company. The increasingly volatile financial system and the need to quickly adapt to the changing environment from one day to the next is a fight for all Title agents.
To deal with the situation, most Title agents have simply tried to add more front-line workers when order volumes or service needs have demanded it. When that need has abated at a time when the market cycle has changed, the same businesses have ramped down their staffing levels to cut expenses. However, given that there is now a huge scarcity of skilled talent, these options are becoming more and more difficult.
Need for Skilled Staff to Read Title Fine Print
The Title process involves managing a plethora of tasks ranging from ordering the title, verifying the financial obligations of the borrower and property seller, property insurance, title transfer and many more. To add to this, borrowers are less and less familiar with paper processes because of which title documents are rife with errors like missed signatures and incomplete data fields. Besides, Title law also differs from one state to another, which makes the process more complex to navigate.
All in all, Title process is highly effort-intensive and if a Title agent has to manually undertake all the activities, there is a high chance for errors, leading to compliance and servicing challenges. This is why the industry needs skilled and specialized staff who can expertly read and decipher the fine print and offer expertise where required.
Find out how PrivoCorp can help title agents manage volume fluctuations effortlessly while ensuring compliance
How Title Domain Experts Can Offer Support
If Title agents try to take care of all tasks on their own, it could mean that their efficiency to focus on and expand their core business could take a beating. They need Title domain experts who are well qualified and experienced enough to take care of such requirements. With their hands-on experience in the field and an eye for detail, these experts can help Title agents streamline their processes in a much better manner.
Whether it is analyzing the financial implications of a mortgage, ordering the title report, acquiring mortgage policies or transferring property rights, Title domain experts can lend a helping hand in every process.
Benefits of Outsourcing Title Services
With most lenders and Title agents facing similar challenges, those who best adjust their strategies during this time will emerge successful. One way of facing the challenges with ease is to outsource the Title work to third party experts. Outsourcing helps the Title agent leverage skills, scale, and expertise to manage their Title production commitments.
With their vast experience, industry know-how and streamlined approach, third party experts help Title agents minimize their time to market. By outsourcing Title support services, title agents can enhance the efficiency of their operations by 30 to 40%.
There are several benefits of outsourcing Title support like:
- Scalability on demand
- Improved turnaround time on all tasks
- Access to advanced automation and technology innovations along with upgrades/maintenance to infrastructure
- Taking advantage of variable pricing as per work volumes
- Eliminating fixed staffing and other overhead expenses
How PrivoCorp Can Help
Companies like PrivoCorp offer end-to-end Title support services to Title Agents, Underwriters, Attorneys, Lenders and Vendor management companies. PrivoCorp can help you order Title search reports, tax reports, analyze the financial implications of the loan, arrange for the transfer of property rights and even acquire mortgage policies if needed, all within a quick turnaround time and at affordable cost.
By outsourcing Title support to PrivoCorp, you can manage high volumes with ease, while ensuring compliance and reducing costs. The PrivoCorp team has vast experience and deep domain expertise within the Title Industry which enables them to offer high-quality services. Our experts have a thorough understanding of business challenges in terms of managing cost, turn time, scalability, volume fluctuations & quality.
