As some of you may or may not know, the title insurance industry is a relatively new area of coverage for me. So far in my coverage and in this newsletter, I have primarily focused on big-picture issues impacting the industry as a whole
Good afternoon! Was this newsletter forwarded to you?Sign up here.
Good Afternoon -
As some of you may or may not know, the title insurance industry is a relatively new area of coverage for me. So far in my coverage and in this newsletter, I have primarily focused on big-picture issues impacting the industry as a whole: mergers and acquisitions, navigating the variety of county and state regulations, technology solutions, and the talent crunch. But the more I have immersed myself in this beat, the more I have started wondering about the day-to-day of a closing or title agent.
According to the 2021 State of the Title IndustryReport by PropLogix, which surveyed over 400 title and real estate professionals across the country, "unexpected delays" are the biggest day-to-day challenge for individuals in the industry that identified themselves as managers, processors and closing coordinators, with 58.7% listing this as their biggest daily challenge. (Of those who self-identified as owners, presidents CEOS and executives, only 33.3% ranked "unexpected delays" as their biggest daily challenge. The top pick was "hiring and training new staff at 48.9%).
Ranking as the second-largest challenge for managers and closing coordinators was "not enough time to complete tasks" (44%), followed by "juggling too many different responsibilities" (43.3%), "hiring and training new staff' (26.7%), with "educating real estate agents/buyers/sellers" (24.7%) rounding out the top five.
While hiring and training new staff is clearly part of the industry-wide talent crunch, the four other challenges feel more personal or at least firm-specific in nature.
I want to hear from you. Do you agree that unexpected delays are your greatest daily challenge or is it something else? What tools or strategies do you use to help alleviate some of the headaches created by these challenges? How are you trying to improve productivity and time management? And what are some common examples of unexpected delays and where do you feel they stem from?
In the wake of this unparalleled volume, companies across the housing industry have been working to increase the efficiencies of the entire lending process – including getting closings correct the first time around. Here's a look at the future of error-free closings.
The rise in mortgage rates moved in concert with the 10-year Treasury yield, which reached 1.83% yesterday, compared to 1.67% on the previous Wednesday.
.jpg?width=1116&upscale=true&name=DataTrace21-HW-ClosingTime-Ad-970x250%20(1).jpg)
EmoticonEmoticon