It's a fierce space to operate in, and title companies are relying on fintech providers to help them compete and win.
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Hello title readers —
I recently completed a white paper on a title topic and part of my research was focused on the increasing competition in the title space. Title companies are truly facing threats from all sides — whether it's traditional title companies expanding their territory, M&A consolidation, or lenders and others deciding to launch a title business as a complement to their existing offerings.
It's a fierce space to operate in, and title companies are relying on fintech providers to help them compete and win. Three stories we covered over the last week point to this evolution:
WFG's decision to offer forbearance, loan modification, and foreclosure information reports as part of its general title and closing services looks to equip servicers for what's coming later this year when forbearance periods end. WFG estimates there could be as many as 500,000 to 700,000 foreclosures beginning in the fourth quarter.
Lone Wolf launched Digital Title Orders, which allows agents to select their preferred title provider and submit orders directly within a transaction. The solution required lots of industry collaboration, including a partnership between Lone Wolf, First American Title Company, WFG National Title, SoftPro, and RamQuest, to name just a few.
DocMagic and Secure Insight announced the launch of a joint RON training program. The goal is to establish a database of notaries who have been fully trained and certified on DocMagic's Total eClose platform, which means lenders have a network to turn to for RON closings. Smart move in a crowded market.
There are just two months of housing supply left in the United States as pricing continues to rise across every region, according to the latest existing home sales data.
The low-rate environment won't last forever, and both lenders and servicers need to be able to keep their costs down while managing volume fluctuations once things start to normalize. Presented by Sutherland
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