3 Ways for Title Agents to Better Manage Month End Volumes

1. 3 Ways for Title Agents to Better Manage Month End Volumes Title agents play a very important role in the mortgage process, that of helping the lender validate the ownership in the property and issuing title insurance. Typically most title agents face a lot of month-end volumes as the workload is very high. Here are three ways in which title agents can better manage these situations: Flexibility in trained manpower While there may be high work volumes during particular periods, hiring permanent in-house staff and later firing them when the volumes go down is not one of the most practical solutions for title agents. The mortgage process is not the same all throughout the year. It faces ups and downs depending on market conditions, locations, time period and different types of loans. This means that at times, title agents may require intense manpower while at other times, the requirement may below: Investing in permanent hiring, and subsequent training may prove to be expensive especially during low business seasons. In a market where talent is dear, title agents need to find solutions that work in terms of providing experienced hands as well as proving to be cost-effective. The solution is to partner with the right organizations that can provide extra resources when required so that the regular staff can focus their attention on more important tasks at hand while volatility in volumes is taken care of by the on-demand extra resources, at no extra full-time investment. Title agents can collaborate with them as and when needed depending upon the business requirements.

2. This flexibility in the workforce also helps title agents reduce the overhead costs and tax liabilities by a significant amount. Variable pricing Choosing the right organization and engagement model for partnership is a key decision. It is essential that the partner company is able to offer variable pricing along with the scale and capacity to deliver volumes when required. An in-depth title search can be a time-consuming process which generally comprises of a thorough examination of public records. It will include information about mortgages, street and sewer assessments, taxes and levies and countless other important issues that could taint an otherwise clean transaction. Once the right partner company is on board, title agents do not need to worry about the process. Such companies have exhaustive and systematic methods for conducting searches, access to large nationwide databases and help facilitate faster and easier title searches. Outsourcing also works in terms of saving on processing costs. If title agents decide to undertake the entire process on their own, they may need to incur higher costs on processing. Outsourcing to reliable partners ensures that the title search process is completed, on time and in an accurate manner. Variable pricing is useful for title agents since they do not have to invest in permanent infrastructure and excess staff that may or may not have enough work through the year. Leveraging the right technology At a time when technology is at the core of every experience, it is best for title agents too to embrace digital technologies to gain a competitive advantage. An effective way to deploy technology and offer a seamless digital experience to customers is to partner up with the right organizations that have a strong digital footprint. It makes business sense to partner with companies that can offer access to some of the latest integrated and automated systems for the title check process without actually investing in technology in house. Advanced and ever updated technology can help title agents to easily and securely communicate with their clients, keep them updated in real-time about the status, and avoid unnecessary errors. Partner companies are equipped with the requisite tech and infrastructure to carry out the processes. It is therefore advisable for title agents to outsource

3. work to them since they can offer a seamless digital experience in the title search process. Summary: Choosing the right partner for title search can reduce the chance of having a problem arising later. Looking for a company that offers the right blend of technology, scale, and expertise for a unified title search experience? Talk to Visionet today!