Today, at the Future of Real Estate Series Fall Session, Qualia announced the launch of our latest mortgage lender product: the Physical Document Service. This service outsources the management of physical trailing documents for lenders; thereby removing the final roadblock to achieving a fully-automated post-closing system between title companies and lenders.
With the Physical Document Service, Qualia collects paper trailing documents from title & escrow companies, QAs them on behalf of the lender, and ships them to the mortgage lender’s investors from our secure facilities in Austin, Texas.
A fully-automated post-closing process
Earlier this year, we released Qualia Post, a product for mortgage lenders that automates the collection of post-closing documents from title companies. This product enables mortgage lenders to streamline a once manual and time-intensive process. Instead of calling and emailing dozens to hundreds of different title companies to collect necessary post-closing documents, mortgage lenders can request trailing documents and track their arrival all from within their LOS.
While the real estate industry is shifting towards digital documents, that transition has not fully arrived. For mortgage lenders, managing the collection and QA process of actual physical documents is still a necessity. Today, e-recording is not available in some counties and most investors still require physical documents.
“It was clear from working with our lender partners that they could benefit from a physical document management system,” Joel Gottsegen, co-founder and CTO of Qualia, said at the Future of Real Estate Series event. “We turned our attention to automating this process.” With the Physical Document Service, the management of physical trailing documents is fully-outsourced. This removes the final barrier to a completely automated system between mortgage lenders and title companies during the post-closing process.
Unpacking the benefits of Qualia’s Physical Document Service
Unlike other solutions on the market, Qualia Post, combined with the Physical Document Service, provides mortgage lenders with an automated, easy-to-scale post-closing solution. Qualia’s products are geared toward long-term digitization of real estate closings, so lenders can rely on Qualia as a key partner for long-term success.
In addition to the overall benefits of a digital-minded partnership, the Physical Document Service offers several key benefits.
- Reduced costs: This service creates consistencies in costs through a streamlined, repeatable process. Additionally, documents consistently arrive on-time to investors, resulting in reduced fees incurred from delayed documents.
- Saved Time: Outsourcing this process offers operational ease, making it easier for companies to scale their business and reduce the operational overhead of hiring and training full-time employees.
- Strengthened partner relationships: Manual processes are prone to errors, especially when an individual is maxed out with other competing priorities. Outsourcing with a trusted partner like Qualia helps improve speed and accuracy, ensuring on-time, error-free delivery to investors.
If you’re interested in learning more about the Physical Document Service and how it can be used to automate your post-closing operations, click below to schedule a time with a Qualia specialist.