The mortgage rates have been low, around 3% in 2021 and are forecasted to remain low at 3.5% in 2022. This has led to increased purchase volumes in mortgage origination by 11%, amounting to $1.8 trillion. To meet these increasing demands, Title companies have been striving to streamline their production.
Ensuring faster turnaround times and complete accountability for every order are items on their priority list.
To be able to meet these demands, title companies need to transition from their traditional methods to technology based and mostly cloud-based solutions.
Title companies and agents have to be nimble, fast, and responsive in this age to remain relevant in the industry. Therefore, title agents must adopt a fully functional cloud-based title production platform to meet these demands.
A Quick Insight on Cloud-based Title Solutions
On a broad scale, a cloud-based solution is a system where services or resources are provided to users on-demand on the cloud.
A cloud-based title solution is a model where end-to-end title services are rendered to customers on-demand from a fully functional cloud-based title production platform.
As a result, it improves workflow efficiency and, on the other hand, creates a better experience for customers.
How Cloud-based Title Solution Beats The Traditional Operational Model
According to a resource on Forbes, 61% of borrowers submitted applications online in 2020 compared to 58% that submitted applications online in 2019. From the statistics, it is clear that the technology-based processes are growing compared to the traditional model. Â
Cloud-based solutions continue to gain relevance and are clearly the future of title production. According to ABA Banking Journal, many financial service providers now use cloud technology. They are estimated at 83%, with the United States leading with 54%, Canada with 52%.
The reason is straightforward; cloud-based title solutions make things faster and better for title companies.
The points below show how a cloud-based title solution shakes off the old ways of title production.
Faster Turnaround Time
Imagine having all players involved in the title production in one system. That’s what a cloud-based solution offers.
Title agents and other 3rd party companies can kick start the process immediately and connect faster with the parties involved through the cloud-based server. As a result, each process stage is completed faster, resulting in a faster title closing.
Better Data Management
Gone are the days of dealing with chunks of papers as documents. The cloud-based solution provides a better way to store, manage, track and retrieve large volumes of data in a digital form.
Flexibility and Scalability
The cloud-based solution provides a flexible structure to title companies because they can easily integrate new systems and changes.
The ability to easily integrate trending quality models improves the scalability for the title company.
Improved Customer Service
Super-fast and easy communication between title agents and customers is a tremendous positive from a cloud-based solution perspective.
The provision of real-time communication helps retain customers and even attract newer ones.
Cost-efficiency
The cloud-based solution proves cost-effective because title companies and agents don’t need to spend on hardware and other installations.
On the other hand, since it makes processes faster and effective, there is no situation of extra cost due to duplication of processes.
Better Customer Experience
Millennials prefer digital means of title production. A survey shows that 63% of consumers, of which millennials constitute a large percentage prefer the digital mortgage process to make things easier than in-person transactions.
When things go fast and smooth, customers love it, and cloud-based solutions guarantee that. In no time, title companies begin to enjoy an inflow of new customers.
AtClose Makes You Future-Ready With Cloud-Based Title Solution
As a title agent or company, you need to improve workflow efficiency, scale, and be future-ready. Your best option is to have a fully functional title production platform like AtClose.
AtClose is a cloud-based title solution that offers the best functionalities and features. It is a workflow solution that handles end-to-end title production and streamlines the entire title production process.
AtClose Features
The AtClose cloud-based platform has the best features for optimal title production. Let’s see these unique features.
Advanced Vendor Management Module
AtClose provides everything about vendor management in one hub. Imagine an interactive platform with easy navigation providing the following;
- A secure vendor portal
- Auto assigns and follow up
- Vendor ranking
- Vendor compliance
- Vendor reporting
- Vendor integration framework
- Notification and alerts
The experience is all encompassing and top-notch
End-to-end Title Production
AtClose gives the provision to place and tracks orders. It also provides the functionality of uploading the completed title product automatically.
Other features include:
- Open integration framework
- Fast track closing
- Price quote setup and calculator
- Reporting framework
- e-signing module etc.
Key Benefits of A Future-Ready Cloud-based Solution From AtClose
The AtClose cloud-based solution brings so many benefits to the entire mortgage industry. So without much ado, let’s see what these benefits are.
Automation
With AtClose, all processes are automated, hence eliminating common manual errors. From automated vendor ranking to automated assignment and many other processes.
Simplify and Organize
The whole title production becomes simple and easy to organize. AtClose organizes the process into a simple workflow for a better client and vendor experience.
Easy to integrate
AtClose enables easy integration of systems. It can directly integrate with all major lenders and vendors in the pre and post-closing ecosystem.
Can you imagine the smooth end-to-end title services you can render to your increasing stream of customers with an optimized cloud-based solution like AtClose? It’s a win-win situation as you give your customers the best experience and improve your closing ratio.
