One of the most challenging realities in title insurance operations is the vast number of resources one must coalesce to bring a closing package to completion.
All too often, a title, escrow or closing agent find themselves working within their primary system, only to have to come to a full stop in that system to log in to another provider or software to access information they need to import to the primary file.
While that is a bit of a hassle, it is still easier than dropping everything to drive to the courthouse. No one wants to return to those days, when files took weeks, if not months, to complete. But as closing document files have gotten more complex over the past few decades with the increasing number of affidavits and disclosures, title agents are always looking for a little relief in the process.
Vendor integrations are one of the greatest reprieves for title agents, allowing direct connection to providers and information through the primary title production software. This can be accomplished through open standards and APIs.
Open standards and APIs
Open standards are freely available to be incorporated into any development project, so that individual components can be more easily added or updated for more seamless integration with other technologies while adhering to industry standards.
Building on this open architecture concept, an application programming interface (API) allows applications to communicate with one another and to share data – a critical need in the complex world of real estate transactions.
There are many advantages to APIs, not the least of which is the sheer amount of development time that is saved by being able to access existing technology rather than reinventing the wheel. A simple example in title insurance technology would be the ability to create a payment gateway for vendors by accessing an existing payment system software through an API.
APIs, open-source code, and open standards have also had the incredible benefit of speeding up software development, helping whole industries to streamline their work at a much faster pace. All of these trends have allowed the real estate, mortgage and title insurance industry to move more effectively into the digital mortgage age.
Security Concerns
As with all technology, open standards, open source and APIs come with some risks. Developers have to bring a higher level of security when working in this environment and end users need to be aware of the need for increased security protocols as well. A few standards to consider include:
- Require strong passwords and multifactor authentication
- Review and update access privileges
- Validate data through strong input rules
- Encrypt data to protect it from access
- Avoid denial-of-service attacks by controlling number of requests allowed per user
Whether you are investing in a new TPS or adopting a new software program in any department of your agency, it’s helpful to do a little digging into the fundamentals of modern technological development so you know the right questions to ask when the time comes.
At VizionX, we understand the pace of technological change in the real estate, lending and title insurance triad, and we are dedicated to developing technology that will help title agents future proof their companies. Our soon-to-be-released TPS , VizionX TitleOS! VizionX will shortly be rolling out what we believe will become the gold standard for title production technology. Contact us now to learn more!
