Core Features You Need From A Title CompanyTitle companies come in many shapes and sizes, so it can often be difficult to find the one that’s perfect for you as a partner. Are you comfortable with the title company you already use? Did you know there could be other companies with attractive opportunities that could prove to be a better option for you and your clients? Here are a few things to think about when choosing a title company for your next order.
IntegrationA title company that integrates with your mortgage servicer or loan origination system (like Encompass) creates an efficiency that can shave days off the lending process. For your clients who want to close on a home quickly, this is an attractive feature. With the right integration, you would be able to enter the order data in one place, and it would sync automatically with the title company, helping to reduce any human error. You would also eliminate the trouble of memorizing several logins to access all your information. Along with gaining personal convenience, you could become more competitive against lenders that don’t offer these same integration benefits. And you can compete strongly with lenders that do. Who doesn’t want to tell a prospective client that their loan process just got faster and easier?
The Amrock Inc. AdvantageAs a QLMS partner, you have the opportunity to work with our sister company Amrock, the nation’s largest independent provider of title insurance, valuations and settlement services. Amrock integrates seamlessly with the QLMS process, giving your clients quick delivery times, personalized service and cutting-edge technology.
TransparencyYou can avoid third-party risks by knowing exactly what your vendors are up to. You’ll need a title company that makes communication simple. Having a dedicated person you can directly contact is just the first step. Do you know who your signing agent is? Can you check their status at a moment’s notice? It’s an issue if you have to cross your fingers at the closing table. A knack for technology is also important in a title company’s transparency, and the ability to check documents online is a must-have. As a QLMS partner, we provide vendor visibility on the portal, giving you the ability to see every vendor item, its status and detailed communication surrounding it. Not only will you stay up to date 24/7, you’ll also provide your agent with real-time information right from your cell phone or laptop.
Multistate CoverageMany of our partners have a local title company they’re used to, but it’s nice to have an alternative when expanding your business beyond your community. Is your title company licensed to operate in other states? This can be important if you have a client who is on vacation or has an investment property in another state.
Many title companies cannot facilitate a closing or even provide titles elsewhere. It’s more reliable to have coverage in multiple places across the U.S. The advantage? A closing agent will have knowledge specific to their state and won’t have to travel hundreds of miles, saving your client time. You can also help put your client at ease by letting them know they can stick with you even if they move away. To ensure more coverage and more options for your clients, always confirm that your preferred title company has most or all of these features and look for companies that could supplement what’s missing. You might be surprised at how these core features can have a positive impact on your business.
Choosing the right title company can lead to an easier process, faster closings, greater transparency and, ultimately, happier clients. Do your homework, compare companies and make an informed decision. Do you have any success stories about working with an effective and responsive title company? Leave us a comment!