The title business plays a very crucial role in the mortgage process. In the absence of an efficient title process, it is likely that loan approval timelines can get extended beyond expectations. This is why it is imperative that title agents are working with the best infrastructure, including the right vendor partners.
Title agents face a number of challenges that need to be addressed:
- Cyclical Volumes
Title agents have complex jobs that involve unpredictable workloads. This is primarily because of the cyclical nature of the mortgage industry. There is a constant shift in interest rates, origination volume, and profit margins due to a variety of factors.
While some months may be low business, in some, the volumes are extremely high resulting in immense workload. Many title agents may not find it easy to scale up or down as per the demands of the industry.
- Skill Scarcity
While nearly all industries are dealing with a talent dearth, the title industry is faced with a more serious issue. It is built on service which makes it more difficult for title businesses to find, recruit and hire skilled labor.
Adding to this is the unique convergence of The Great Resignation and increased retirement and attrition creating a major skills scarcity for the title industry.
- Inability to Scale at Short Notice
It’s not easy to forecast mortgage business volumes in a particular year. As title agents cannot predict the precise number, they need scalable processes. These processes should have the feature to scale up or scale down without lowering quality of operation and client servicing.
If title agents are not prepared, a sudden growth in origination can unsettle the entire title business leading to a risk.
- Turntime & Quality Issues
One of the biggest hurdles faced by title agents is a lack of time to manage tasks resulting in turnaround time and quality issues. Most staff members are rushing through tasks, juggling too many different things, and dealing with numerous deadlines.
This lack of time is a hurdle for accomplishing business goals resulting in risks of errors.
Find out how PrivoCorp can help title agents manage volume fluctuations effortlessly while ensuring compliance
How Title Agents can Handle Challenges
One way of dealing with issues is to outsource title processing to vendor partners. Instead of going on a hiring spree and apportioning resources for specialized staff, title support service agents should opt to outsource title processing to established mortgage service providers.
Here are some factors to be considered before you get a partner on board:
- Industry/Domain Expertise
One of the most important factors before onboarding a vendor partner is to look at their industry experience and expertise. While being in the business for many years is not testimony to innovativeness, it can mean that they have a clear understanding of industry best practices and in-depth domain knowledge.
Domain knowledge plays a key role when it comes to confidence about the processes and on-time deliveries. It makes outsourcing more fruitful considering that the partner has the exact skills required along with experience.
- Customer First Approach
In today’s era, there is a constant need to meet customer expectations, especially in the services industry. This is true for the title business as well.
It is important that outsource partners are able to achieve the customer-first approach consistently with a significant amount of effort, commitment, and investment in technology.
- Right Technology Platforms
While experience has its upside, outsource partners also need to be expert at adapting to technological advancements. With the business landscape changing frequently, the need for error-free assessments, anomaly identification and document processing have led to the inclusion of machine learning and data analytics.
It is necessary that the outsourcing partner should be able to use these applications to help in bridging complex processes.
- Access to Skilled Resources
Even though automation pays a key role in the title process, the need for human intervention remains unchanged. While processes can be done faster through technological advancement, they require trained hands to get the best results.
There is a lot that skilled staff can bring to the table, which is why it is necessary to analyze the skill repertoire in the outsourcing partner’s team. Since this team is an extension of the in-house team, it’s important to ensure standards match.
How PrivoCorp can Help?
PrivoCorp offers end-to-end title support services to title companies. PrivoCorp can help you order title search reports, title curative services, 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.
The PrivoCorp team has vast experience and deep domain expertise within the title Industry which enables them to offer high-quality services. Get in touch with us today!