Title Agents Who Invest in Online Closing Technology Will Expand Their Business
Technology is unlocking opportunity throughout the mortgage industry. Lenders and realtors alike are leveraging technology that streamlines the mortgage transaction and puts the customer first.
Title agents are following suit. Sixty-five percent of title agents expect to soon adopt technology that helps home buyers close online faster and more efficiently.
In a time of unrivaled competition and narrowing profit margins, title agents that embrace technology are poised to see their footprint grow. Paper has long held the mortgage industry back; 280 pieces to be exact.
And in a world where customers interact with their favorite brands, products and services online, it’s about time the real estate industry follows suit.
Technology offers seamless solutions to some of paper’s biggest drawbacks: security, verification, authenticity, speed, and transparency. But perhaps best of all, it unlocks human capital by eliminating tedious tasks and preventable mistakes. Most financial institutions made the switch to digital long ago.
Banking, fintech, and eCommerce have streamlined their business processes by cutting paper from the equation.
Title agencies will be no different. Digital mortgage adoption will greatly benefit title agencies and their employees, enabling agents to process more loans at a quicker clip. In the same vein, lenders will seek out realtors and title agents who do online closings, pursuing a faster, more efficient process with all stakeholders.
Adopting online notarization and digitized workflows will empower agents to spend less time managing their notary network and reviewing document packages. It will also unlock massive business opportunities, removing the physical borders of state lines in favor of digital ones. Budgets that would have otherwise been spent on document verification, personnel management, and maintaining physical office space in multiple states will pour into making the digital experience exceptional.
The Internet has changed almost every facet of our lives, specifically how we communicate, collaborate, and access information. We no longer need to hold a document to know what it says, or sit across from a person to hear their story. Title agencies have a roadmap to growth and success in this ever-changing mortgage space, and it costs little more than on-boarding a new employee.