While much of the tech innovation has been focused on applications, the closing portion is critical to profitability.
Hi title readers —
We know that with rising interest rates the refi share of originations is going to cool somewhat this year, but everyone expects the purchase market to continue to be red-hot. Is your business ready for the shift?
Typically, more purchase loans means higher production costs, which Hoyt Mann, president of Alanna.ai, discusses in an opinion piece we published today. And while much of the tech innovation in the mortgage process has been focused on applications and work done by loan officers, the closing portion is critical to profitability and the overall experience of borrowers.
"During a purchase transaction, most title agency professionals are focused on getting the file to the closing. That includes procuring the underwriting policy, managing the title search, curative, TRID requirements and so forth," he wrote.
"However, especially during a purchase transaction, many title professionals are frequently forced into double duty — spending countless hours on the phone or in their email updating one of the parties to the transaction status, or seeking information. These are tasks that could easily be automated without sacrificing too much of the personal element."
Speaking of technology, we published our 2021 HWTech100 winners today for both mortgage and real estate. This program gets more competitive every year, with innovative companies across the spectrum, including title and settlement. Check it out here.
Here are the 2021 Tech100 Mortgage winners. These are the companies helping mortgage professionals capture market share, retain borrowers and improve margins.
As call volumes have spiked to a level not seen since last April, lenders and servicers need to prepare for a significant increase in their workload as they help borrowers through difficult times. Presented by Computershare Loan Services
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