In a volatile mortgage market, changing interest rates and complex compliance scenario coupled with the global pandemic have all meant that mortgage lenders are dealing with constant change.
2020 saw some record-low mortgage rates, despite the pandemic. While rates have increased a bit in 2021, new purchases and refinances are expected to perform reasonably well, right through 2021.
Amidst this flurry of activity and a housing-market surge, Title companies may feel staff strapped, as they serve their lender clients. Remote working only adds to the dynamics.
Title Production: A resource intensive process
In this situation, one aspect that Title Insurance companies/Underwriters are likely to face challenges with is Title Production. It is an extremely important step in the mortgage process considering it involves abstracting and examining of public records to bring it to a point where it is able to be sold or refinanced, and its title is free of any claims, liens or other issues that could jeopardize the buyer’s ability to legally own the property.
The title process is highly resource intensive and also involves nitty-gritties that require a considerable expenditure of time and money at this crucial stage. Every jurisdiction across the country has its own ways and formats of recording and its own statutes.
The pandemic has taught us that in the middle of all these changed dynamics, technology will continue to be a driving force and will truly define how we do business. Across the industry, it is a known fact that technology can play a pivotal role in being able to provide superlative customer service, in improving transparency, communication, as well as allowing for feedback to empower process improvement. Embracing and optimizing the right technology solutions or service providers who leverage such technology solutions will be the key to provide Title Production services with speed, accuracy, and quality.
Role of technology in title production
For any Title Insurance company/ Underwriter, to remain relevant in this ever-changing market, they need to carefully plan their strategies to cater to the many types of transactions.
Title Insurance companies / Underwriters can partner with service providers who offer assistance with title production, leveraging the various data plants, and their ability to abstract from those plants. With the help of technology, several service providers are able to offer title agents an edge or advantage over the competition. These service providers use their technology, combined with customized services to meet the unique needs of each individual Title Insurance Company/Underwriter.
How Fugo Services can help
Fugo Services has been in the Title domain for over 10 years now and can offer support and assistance in title production. Leveraging both technology tools and proven processes, Fugo helps title insurance companies and underwriters reduce costs, streamline closings, and improve compliance.
To know more about technology-based Title production support services, get in touch with us.