Hello title readers —
Last week I asked readers of my daily PM newsletter why they thought time-to-close was still 51 days — despite so much automation in the industry over the last few years. The answers really surprised me, as quite a few readers mentioned title specifically. I was expecting lots of readers to note appraisers, but title was actually cited more.
Consider some of these responses:
"Last year (working for a different lender) my pipeline was subject to the capacity limitations of our three national title providers, all of which were severely understaffed and ill-equipped for the rush of volume," said a lending SVP in California. "We had hundreds of loans that could not go to docs because title had not finished their work and they were not clear to close. I frequently watched my pipeline roll over at the end of the month simply because they did not have the capacity to get through all of the funding packages and prepare for funding, disbursement, and recording in the last couple of days of the month."
An active investor in Florida also brought up this issue: "Why are we still married to closing at the end of the month?? With a little foresight and planning, we should be able to spread this out instead of cramming too many deals into a short time frame."
A New Jersey reader noted: "If all our transaction partners were ready to go ASAP in all/most cases, we would be less than 30 days, but, unfortunately, that is not the case the majority of the time."
Other readers mentioned that technology adoption was sometimes low even when it was available and that workflows were still a challenge.
What do you guys think? I'd love to hear from our title readers about your perspective on what part title plays in overall time to close and what challenges you see in your own operations or with your partners. You can always provide on background or remain anonymous, just email at swheeler@housingwire.com.
Looking forward to hearing from you!
Sarah Wheeler
HousingWire Editor in Chief
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