As with any industry, it’s important to prioritize continuous education, and an increasingly popular way to stay up to date on the ever-changing technology is through newsletters. They are more relevant now than ever before.
I have subscribed to several e-newsletters regarding title and settlement services as well as regulatory compliance for many years. One topic that is increasing in frequency in the title industry relates to new systems that are available or are soon to be available. This advancement will help title agents have the opportunity to improve the customer experience by improving the interaction between the transaction parties and title companies to be more effective.
Up until the last few years, title and escrow software and systems have prioritized improving title companies to
- Be more efficient
- Reduce Cost
- Enhance the internal workflow
Overall, the main purpose is to help with title agency processes. Most of the currently available programs work fairly well, but the technology is underutilized. For instance, some closing departments are still creating paper files, which results in double the work and other issues.
Now, innovations are designed with the consumer — the buyer and the seller — in mind. The new online platforms incorporate AI and have platforms available for document storage and electronic notaries.
Home buyers and sellers are more accustomed to interacting with other businesses online, and I would welcome a more digital closing experience. I believe, in time, we will be able to achieve this despite a few issues to overcome before we start an increase in digital or online closings. Some of these systems are a bit pricey and require advanced technical expertise and resources to configure and install.
Additionally, we want to ensure the systems we incorporate are completely user-friendly, so our customers are confident and comfortable operating and recommending these changes to their clients.
Our team at Investors Title Company is exploring several different ways to make it easier to work and communicate together by utilizing more electronic documents and working with online notary platforms for your advantage. We will continue to update you as we explore what is available.
In the mean time, try not to despair about the state of the market and what the future might hold. I have found that perseverance is the most important quality to have. If you need a quick “pick me up,” I suggest you do what I do, and simply don’t watch the news for a few days. I hope you are having a great summer and staying cool as best you can.