TheMReport — News and strategies for the evolving mortgage marketplace.
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34 | TH E M R EP O RT FEATURE The most significant impact technology can have on title company expenses is by delivering efficiencies. The less time internal personnel spend on each task, the more efficient the operation. Technologists have responded by building more power into the systems they develop, but this then drives third-party partners to upgrade their tech- nologies to keep pace. Technologies like optical character recognition (OCR)/ intelligent character recognition (ICR) and automated indexing are speeding up processes, and also reducing rework in many cases. Artificial intelligence engines are being incorporated along with these technologies to make the processes even more efficient and error free. Those firms that have invested in the tools or technologies required to continue to interface well with the title production platforms in place at the title agency are in the best position to be good title company partners. Seamless electronic integration between platforms means data can be transferred between suppliers and requester systems without extra work or errors. Engaging Third-party Providers I n our experience, the only way to sig- nificantly cut costs is to employ expert third-party outsourcing partners who do the work every single day, and who have perfected the process using an optimal mix of process expertise and technology. Even as new technologies are allow- ing title companies to provide their title products and associated services faster and cheaper, these same technologies are driving their third-party partners to innovate. Only by ensuring their technologies interface effectively with the latest tools in place in the title agent's shop can these potential partners hope to keep pace. This has sent prospective partners on a quest to determine the actual needs of the title companies they hope to serve. The search begins with the title operations and product development departments, where partners learn what capabilities exist in-house and what requirements the title company's IT department requires to connect the systems. In many cases, this requires new software, often written with the help of one or more APIs, to bring the technologies together. Rarely is the new software developed by a partner a one-size-fits-all solution that will work for other title companies. In most cases, the partner's development staff must listen carefully to the needs of the title agent and then map the perfect solu - tion to fill the gaps between the systems. It must be efficient, decreasing turnaround times without impacting the title company's bottom line. One area in which technology is truly driving the title in - dustry is regarding third-party vendor management, not just concerning in - tegrating systems, as described above, but also how title agencies form partnerships in the first place. Vendor manage - ment systems help title companies manage title process from start to finish, whether the work is handled internally by technology or through the support of third-party partners. The workflow on these platforms and integrations with third-party vendors allow data to pass back and forth easily and includes tracking and manage - ment of orders and even methods to track the timeliness and quality delivered by the partners. If suppliers on the platform provide services like electronic closing, electronic document delivery, and real- time status updates, it makes the process even more efficient, accurate and flexible. These new technologies are a quantum leap forward in vendor management and bring new power to title companies as they work to streamline their operations, reduce their costs, decrease their turn times and improve their bottom lines. MELANIE CORNELIUS currently serves as VP of the Mortgage Division for SLK Global Solutions. She is based in Dallas and can be reached at Melanie. Cornelius@SLKGroup.com. The most significant impact technology can have on title company expenses is by delivering efficiencies. 750 Old Hickory Blvd; Building Two Suite 150 Brentwood TN 37027 www.IRAinnovations.com Call Mike Todd at 866.333.0411 or email Mike@IRAinnovations.com for a personal consultation. Serving clients nationwide since 2004 Personalized Self-Directed Retirement Services IRA Innovations specializes in self- directed retirement plans allowing you complete control to invest in alternative investments such as: • Real Estate • Promissory Notes • Private Companies • Precious Metals and more!