When it comes to selling and buying real estate, title agents do more than just process the transaction; they also work to protect both parties’ interests. Buyers want to move into their new home as soon as possible, while mortgage lenders expect the transaction to be compliant with applicable regulations. Title agents identify and correct title errors and ensure that the lien is enforceable through a process that meets both parties’ expectations. For title agents, the only difference between a successful transaction and one that fails is timing. Three initiatives that title agents can implement to improve their turnaround time are listed below.
Planning workloads
Title agents have one of the most challenging jobs with unpredictable workloads and volumes, which can be primarily attributed to the cyclical nature of the real estate domain. The first two months of the year are typically peak periods for buyers, whereas the end of spring through the start of summer is popular among home listers. Thus, it is essential that title agents plan their workload effectively to cater to these periods of high volume. Moreover, if title agents are accepting cross-state verification requests apart from interstate transactions, they should plan the requisites more carefully, in fact, even before accepting the request.
This is advisable as every state has its own different federal process and regulations, which make it necessary for title agents to stay up-to-date with the compliance process and even share a good rapport with authorities to expedite the verification process. It is important that title agents plan their workload carefully as per the seasonality and complexity of processes so as to ensure a quicker turnaround time.
Partnerships and outsourcing
As already mentioned before, the seasonality and cyclicality of the real estate sector increase the volume of unpredicted workload, and many a times, despite planning carefully, title agents are not able to cater to these high volumes. During such stressed times, the right partnerships and outsourcing can come in pretty handy. Outsourcing offers the flexibility of adding or dissolving a team during peak seasons to manage workload.
As per their requirements, title agents can choose and leverage the cross-state federal knowledge and connections of outsourcing firms, as most of these firms have a multi-state presence, thus ensuring a faster turnaround for title agents.
Technology solutions
Technology can make life easier for title agents. Software solutions help automate the complete process while meeting industry regulations. Solutions can also be customized to meet specific buyer/lender requirements. Moreover, automated technology solutions ensure a zero-error transaction, thereby eliminating the hassles of blunders and corrections, which can be pretty time consuming.
PrivoCorp offers a range of services and solutions that can help title agents process bulk volumes. It helps expedite the verification process while ensuring processes are error-free. The solution assesses the integrity of documents and prepares TRID-compliant closing disclosures.
Apart from this PrivoCorp also offers audit and review services to streamline the post-closing process, as well as audits to lower the operations costs of hiring members. These services help title agents cope with high work volumes while eliminating the headache of multi-vendor management.
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