For too long, mortgage lenders and borrowers alike have endured compromises in the settlement process that waste time and money. These compromises show up in many forms but commonly are frustrating delays for title commitments, weeks to finalize closing disclosures, paperwork errors, and countless back-and-forth that require your time and attention – and money. Then, right before closing, serious problems arise like notaries being late or failing to show or missing signatures, which delay closings and funding.
That’s why many lenders in competitive markets are reexamining how – with the right title partner – the settlement process can be transformed from a bottleneck into a strategic advantage. If you are fed up with the compromised status quo, here are three keys to consider.
Don’t Compromise on the Need for Service
The right service and customer experience from your title partner can become a strategic advantage. Forget inconsistent service, needless delays, and a lack of process visibility. Your title partner should support a streamlined borrower experience.
Perhaps the most innovative next-generation solution is instant title, the ability to get a Clear to Close Title Commitment within minutes, which translates into happier customers and a healthier bottom line. That’s because 77% of satisfied borrowers refer your business to a friend, and 72% of satisfied borrowers share a positive experience with six other people.
Look For an Efficient Partner
The average refinance takes 49 days to close. With innovative technology, your title partner can deliver operational efficiencies that translate in not only shorter time to close, but impactful business performance and profitability.
- Instant underwriting means underwriting a title insurance policy that’s up to 23% faster than traditional methods.
- Smarter escrow services accurately balance closing disclosures and eliminate time wasted on manual reviews of reams of paper.
- The opportunity to digitally review all and sign some documents delivers a smoother closing and better borrowing experience.
- More efficient processes allow your team members, such as Processors to handle 18% more loans.
- File throughput increases 15%.
Greater speed and efficiency increase the likelihood of closed transactions, which deliver more reliable revenue, more productive teams, and delighted borrowers.
Always Seek Competitive Advantage
Every borrower counts – especially for mid-size lenders facing intensive competitive pressures. However, greater efficiencies in a borrower-centric title process are eliminating the need to compromise. Today, you should demand more from a title provider – cost, quality, and speed. The fact is, your title partner has little value if your process quality and speed are driving borrowers away.
If you’re ready to transform the title, escrow, and closing process, Doma is ready to help. Within days, we’ll partner on your first refinance loan and with our patented instant title solution on most files, you can have a scheduled signing as soon as next week. Just as important, you will receive consistent transparency into the process and we will be in a position to continuously improve your borrower experience.