The world of the title agent has changed dramatically in the past five years. That’s only going to accelerate. We live in a world where market cycles change quickly; lenders are offering new and innovative products; clients are demanding more, faster, and better and the cybercrime threat is only growing.
And then, there’s technology. This is the part where we mention AI. However, it’s not just AI that represents how quickly technology is evolving. We live in a faster world, where clients large and small alike demand unique solutions. Against that backdrop, flexibility is not just a convenience or competitive edge, but a necessity.
You Need Software That Meets Your (and Your Clients’) Unique Needs
The title agent’s workflow is driven by their specific operational needs, which are driven by their markets, products, clients, and compliance requirements, among other things. Each title company operates uniquely, overseeing a variety of transactions that require specific processes. By customizing workflows, title companies can align software processes precisely with the actual steps required for different types of title insurance transactions. Of course, they can only do that if their operational tools – driven by their technologies – can facilitate that.
A platform that allows customization can streamline the workflow for residential, commercial, and refinance transactions separately. This customization enhances efficiency by eliminating inefficient or even unnecessary steps (and errors) and automating repetitive tasks, reducing the time and resources required for each transaction.
Supporting Diverse Transaction Types: Handling Complexity with Ease
From simple residential purchases to complex commercial deals, a title agent’s menu is anything but monolithic. What the agent offers and how they deliver it can also change, and often quickly. An agent often needs to pivot with a change of interest rates, a new regulation or any of a myriad of other developments that can impact what clients want and how. That makes a flexible platform absolutely imperative.
A great title production system (TPS) empowers agents to manage different requirements, documentation, and regulatory nuances efficiently. It’s also scalable, so that it’s efficient in any market condition. This capability not only improves operational efficiency but also enhances customer satisfaction by ensuring smooth and accurate processing regardless of transaction complexity.
Adaptability to Market and Regulatory Changes
As we all know, the title and mortgage industries are regulated at the state, federal and even municipal or county level by a variety of elements from the alphabet soup of regulatory and legislative bodies. The world of title compliance is complex and can change at a moment’s notice. Adaptability is crucial for title firms. Flexible technology allows quick adaptation to new regulatory requirements and market trends without extensive downtime or disruption to operations.
For example, when a new law or regulation is introduced, a flexible TPS allows for swift adjustments to workflows and processes, ensuring that the company remains compliant and competitive. This adaptability also supports proactive responses to market changes, such as shifts in customer preferences or technological advancements that impact how transactions are conducted. It all adds up to a competitive advantage and improved margins.
Application Configuration
You’ve heard it before. No two title agencies are the same. Each varies by business model, client type, geographic market, and operational preferences. A great TPS offers application configuration options that allow agents to tailor their system precisely to their specific needs. Better yet, the technology empowers an agent to have it quickly, without having to wait on the tech provider or having to invest a king’s ransom for the update or customization.
This customization can range from adjusting user interfaces to match company branding to configuring data fields and reporting tools that align with specific workflows. By allowing such detailed customization, the technology (especially if it’s a TPS) reinforces its role as an integral part of the company’s operational strategy.
Technological flexibility is no longer a “nice-to-have,” but instead, a necessity for title agents. But the agents who have the most flexible technology in place, and use it optimally, have a clear strategic advantage in any market. The title agent that operates with efficient and streamlined operations; has the ability to adapt quickly to new compliance requirements and employee processes that align perfectly with the unique needs of each client will likely not want for market share and profitability. In short, having flexible technology – especially in their TPS – is the cornerstone of success in today’s title industry.
Want to learn more about VizionX’s new TPS, TitleOS, or our incredible closing fee engine, VizionX Fees? Contact us at info@VizionX.com.
