Title & escrow professionals are well-versed in managing various platforms and tools to complete transactions. Yet, the use of too many fragmented systems can ultimately hinder operations. Every time a processor switches from one tool to another, workflows are inherently interrupted.
One opportunity to consolidate systems and reduce the number of jumps between tools is by considering closing software that operates as a platform rather than a single-use tool. By leveraging an integrated platform, title & escrow businesses can leverage one system to engage with many different stakeholders while remaining in their core system throughout the day.
How is a platform different from legacy software systems?
With a platform, businesses benefit from a full infrastructure on top of which other services and technology are built. Platforms allow businesses to take advantage of new integrations and products the software provider builds without needing costly and IT-intensive custom integrations.
With a title & escrow platform, processors can remain in one system to manage many tasks. This includes working with outside vendors, collaborating with other transaction parties, and working directly with homebuyers and sellers to execute digital signings. A single platform ultimately enables agents to manage their work more efficiently and improve client relationships through streamlined and connected workflows.
4 benefits of a single platform for title & escrow operations
1) Predictable cost of your technology infrastructure over time
Title & escrow companies that have simplified their tech stack by switching to a unified digital closing platform benefit from predictable costs over time. Title companies can rely on one software provider to manage backups, enhancements, and security updates. The platform allows users immediate access as new features and integrations are added without the added cost of IT support to implement. In addition, the platform’s infrastructure has the ability to scale economically, without a substantial increase in resources, to meet growing business needs.
2) Centralized communication for a transparent closing process
Title & escrow agents are the “quarterback” of each transaction, interfacing and coordinating with various parties. Title agents are responsible for managing the sensitive legal paperwork, government filings, and complex cash flow operations that happen during a real estate transaction.
Having a single, unified system centralizes communication, information, and tasks for title agents with one system of record where all transaction details are available in one place. Files are centrally stored, and any change to the document is updated automatically across the file so that relevant parties see the same version. Teams can work seamlessly across an order, from setup, to obtaining buyer/seller information, to disbursing funds and completing reconciliations.
3) Power greater workflow efficiency and improve turn-times
A unified digital closing platform simplifies task and workflow management for greater efficiency. The single system enables title agents to work better with partners through integrated systems rather than jumping outside the system to gather information to then be plugged in. For example, with Qualia Core title & escrow professionals can manage multiple workflows and automatically assign tasks to individuals or groups. Title & escrow companies (like Texas Excel Title) report being able to prepare documents for closing in 75% less time than it took with their previous software, thereby reducing turn-times to close.
4) Increase client and partner expectations
As technology continues to transform the homebuying journey from home search to closing, title & escrow companies need to be in tune with the impact this has on homebuyer expectations at closing and delivering on them.
With a unified digital closing platform, all transaction parties receive real-time progress updates, providing a more streamlined and efficient closing process. Core customers report that having a digital closing platform like Qualia has given them a competitive advantage and helped them attain new sources of business from real estate agents and mortgage lenders.
Meet with a local Qualia expert to learn more about the benefits of simplifying your tech stack.