The dimensions of real estate buying and selling have only multiplied over the last decade. The initial emphasis was more around quality and compliance, but as the consumer behavior evolved and so did the Processes and Technology around the transaction, the focal dimensions now include consumer experience and turnaround times. Title companies have had to adapt to these drastic and progressive changes and continue to play a vital role. The efficacy of the Title company directly influences the overall transaction.
It’s a given that no consumer wants to refinance with a cloud on the title or purchase real estate for that matter in the absence of a clear title. In addition, Title companies are also doing their best in preventing frauds of various types, wire fraud being one of the forefront focus areas in today’s real estate transaction. Obviously, the Title company’s role has only expanded, though the expectation of faster and lowered costs continues to grow. The last 18 months have witnessed one of the most unpredictable growth markets, and many today are anticipating a slowdown or one may even call it a normalization of the markets over the next 30 to 90 days.
So this brings us back to the moving target question again, of “how do we keep up”?
- Leveraging Technology-based solutions
Several tasks in the title insurance process are repetitive and can be monotonous. Leveraging technology to provide lift is one good way to speed up the process.
Tasks that used to take hours/weeks can now be done in a few minutes or days using specific tools. Data extraction technology mostly hinges on Artificial Intelligence (AI) and Machine Learning (ML) and is used to automate and extract data from various documents including Deeds, Mortgage, Payoff Statements, Taxes, Liens, Purchase Contact, Mortgage Payoff Statements, Settlement Statements, etc. Title companies can leverage technology for various other tasks like policy typing, generating tax certificates, deed preparation, e-recording, digital closing, and so on.
- Right Partnerships and Outsourcing
The real estate industry has historically witnessed highs and lows and the uncertainty hasn’t gotten any better. Based on the economic fluctuations, the need for scaling has become a moving target. Right partnerships and production engagements can help in keeping fixed costs lower and overtime at bay. Partnering with the right back-office for production support is great, tested & tried turn-key solution.
- Focus on Operational Efficiency
The impact of the COVID-19 pandemic and the fluctuations it caused changed the demand for refinancing and new home sales, leading to increased workloads for title companies. With the changing customer demands, transaction cost paradigm, and other dynamics, training and upskilling in-house staff is essential but not adequate. Improving isolated processes is the yesterday and a holistic change leading to solutions is the answer for today. Improving operational efficiency would mean reassessing the business functions to identify the areas that need a lift, investing in the right technology, and leveraging turn-key variable cost models.
At FUGO, we believe in creating an environment that matches the needs of the evolving and fast-paced title industry. Our strategic offerings are attuned to the right balance between the use of tools leading to solution empowered teams. Some of these opportunities include:
- Our hybrid production offering
- Texas based support teams
- Proprietary, AI-Powered, in-house production technology
As a self-funded organization, we are mindful about every penny invested. We focus on Quality, experience, and efficiency by leveraging Culture, Education & Process as our core.
We believe that your search for a reliable and scalable solution provider stops at Fugo.