The cost of working with new partners

In a purchase transaction, the lender has almost no control over what title company the borrower uses, meaning that a lender will not always get to work with their preferred title insurer and that the number of title firms a lender works with will increase.

Was this newsletter forwarded to you? Sign up here. Good afternoon —   The title and closing industry sits at the main intersection of the real estate transaction, and as many real estate agents and lenders have told me, working with an efficient and reliable title company is key to a smooth closing process.   A recent study by closing software provider Qualia and the STRATMOR Group found that roughly 25% of lenders work with more than 100 title companies in a given month.   As mortgage rates continue to rise and refinance volume continues to fall, purchase transactions are making up a large share of business for both lenders and title firms. In a purchase transaction, the lender has almost no control over what title company the borrower uses, meaning that a lender will not always get to work with their preferred title insurer and that the number of title firms a lender works with will increase.   The study found a significant difference in efficiency depending on how often lenders and title companies work together. On a scale of 1 to 10, 63% of lenders surveyed rated their efficiency with title companies they work with regularly a 7 or higher, contrasted with 89% of lenders who rated their efficiency with the title companies they work with infrequently a 6 or lower on the same scale. With 25% of respondents reporting that they make more than 30 calls or emails per loan with their title firm, it is clear how important familiarity and efficiency are to pulling off a smooth closing.   As title insurance and closing services providers, what are you doing to help keep your lending partners informed on the status of their orders and helping them provide their borrowers with a smooth closing process? How many calls or emails do you typically send to the lender when working on a loan? Email me at brooklee@hwmedia.com.   Until next week,   Brooklee Han Real Estate and Title Industry Reporter brooklee@hwmedia.com Opinion: Understanding trends is key to predicting the next housing shift Real Estate, Opinion The news may focus on the negatives in the housing market, like rising interest rates, but the data shows a market shift is imminemt, but a crash is not. Webinar: Crack the Code to Scaling eClose Presented by Notarize Join us for an interactive panel discussion featuring seasoned operational practitioners who have already started working through the challenges that come with scaling eClose. You'll gain insights into how to drive internal adoption of eClose so you can maximize ROI, achieve greater efficiencies, and improve the borrower experience. Residential construction jobs now 7.6% above pre-COVID level Politics & Money, Real Estate, Mortgage The U.S. economy gained 390,000 jobs in May, with 36,000 coming from the construction sector and 7,4000 coming from real estate. Discover the All-In-One Title Production Software Learn why over 500,000 title, escrow, mortgage, and real estate professionals choose Qualia. Qualia enables you to save time by automating mundane tasks, boost internal operations and strengthen client relationships, all from one seamless interface. Learn More Sponsored by Qualia Housing inventory rebounding, annual gain reported after nearly 3 years Agent, Real Estate, Real Estate Enthusiasts. Trends The number of active listings rose 8% year over year in May, the first annual increase in nearly three years, a Realtor.com report shows. 2022 HW Insiders nominations are officially open! The HW Insiders Award program recognizes your organization's operational all-stars and the individuals who are absolutely essential to the success of their companies within the housing space. The submission portal closes on June 24th, nominate someone today! Sponsored by HW+ CEO Carl Liebert leaves Keller Williams effective immediately Real Estate, Brokerage Carl Liebert will immediately step down from his role as CEO at Keller Williams, according to a letter from Gary Keller, kwx chairman. HousingWire, 433 East Las Colinas Blvd., Suite 830, Irving, TX 75039 Manage preferences

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