Mortgage lenders are facing a competitive market. Automated operating models that centralize information and create consistency are crucial to improving margins and borrower experience.
Today, Qualia announced the lender edition of its Qualia Connect platform, enabling lenders to integrate with the title and settlement ecosystem. The integration gives lenders the control and visibility they need to ensure on-time, error-free closings.
Where Qualia Connect began
When Qualia Connect launched, it was the industry’s first secure cloud-based portal for title and escrow agents to streamline closing communication, workflows, and document exchange with lenders, attorneys, real estate agents, homebuyers, sellers, and owners. Connect has made it possible for title and escrow companies to expand the delivery of digital closing experiences. It does this by automating touch points with the entire transaction ecosystem from order open through post-closing.
With the new edition of Qualia Connect, lenders can now sync with any title and escrow partner directly from their loan origination system (LOS).
How Qualia Connect enables lenders to plug into the settlement ecosystem
Custom-built for mortgage teams, Qualia Connect gives lenders control and visibility over their closing process. Lenders can automate and standardize their operations with any title business in the country through Qualia Connect’s integration into the lender’s LOS and the nationwide settlement ecosystem. This is consistent no matter what transaction type, closing location, or closing parties they work with.
- Stay in sync with any settlement partner for control over all your closings.
According to a recent STRATMOR Group study commissioned by Qualia, poor communication with title companies is a significant contributor to inefficient operations for lenders. In fact, 1 in 4 lenders make more than 30 calls or emails per loan file to exchange information. That’s thousands of emails and phone calls with dozens, if not hundreds, of settlement partners in any given month.
Qualia Connect works alongside the lender’s LOS for automatic title order placement. It also allows lenders to receive and share information, and collect documents from any title and escrow partner without manual action. All the information from the title company flows directly into the lender’s LOS. Data then auto-populates in the loan file and documents are automatically uploaded into the appropriate folder.
- Gain unprecedented visibility into the closing timeline and the performance of settlement partners for a better borrower experience.
In the same Qualia and STRATMOR Group Study, lenders most often ranked “unexpected closing delays” as the number one contributing factor when asked to rank which factors during the closing process have the greatest negative impact on borrower experience. The survey found that this lack of visibility not only impacts lenders’ borrower experience but also employee experience. For instance, lenders ranked “employees spending too much time on manual tasks” as the top challenge they face due to a lack of title order visibility.
With Qualia Connect, lenders can leverage out-of-the-box reporting to optimize their closing like never before. Lenders can ensure a smooth, on-time closing through real-time transaction tracking. Additionally, Qualia Connect’s built-in performance tracking data lets lenders monitor turnaround times and fulfillment rates by title, escrow, or settlement provider. These title scorecards are automatically generated based on real title company performance.
- Mitigate security risks from unsecured methods of delivery and information exchange to keep sensitive data safe.
Survey findings from the Qualia and STRATMOR Group Study related to email and phone call communication show an over-reliance on email from lenders. This dependency can expose lenders to increased security risks. With cyber attacks on the rise, lenders must reduce risks to keep sensitive information and documents safe.
Qualia Connect decreases email risk by providing a secure infrastructure that integrates directly into the lender’s LOS. This also eliminates the need for inefficient back-and-forth email exchanges. With security features like multi-factor authentication (MFA), a SOC-II compliant environment, and more, lenders can mitigate cyber attacks, phishing, and business email compromise (BEC).