Last week, HousingWire hosted its first-ever Real Estate Tech Virtual Demo Day and Qualia participated. The event, designed to help real estate professionals discover innovative technology solutions, featured demonstrations from technology companies spanning the real estate ecosystem.

Ty Cieloha, Account Director at Qualia, discussed Qualia’s products for real estate agents and lenders and demonstrated one of Qualia’s mortgage lender products, Qualia Post

Qualia’s mission: healthy homeownership  

Ty first provided background on Qualia for any real estate agents and lenders tuning in who were unfamiliar with Qualia’s products and mission.

“If you’re a realtor or mortgage lender you’ve probably used Qualia without even realizing it,” Ty said. Qualia provides a single system of record for real estate transactions by providing a common, secure platform for title agents, lenders, real estate agents, and consumers to collaborate on a real estate closing called Qualia Connect. The platform is powered through the title & escrow company’s core software, Qualia. 

Qualia processes approximately 20% of all real estate transactions in the U.S. To put that into context, that’s one in every five transactions. As a result, mortgage lenders and real estate agents frequently use Qualia Connect to collaborate on transactions with their title partners. More than 147,000 real estate agents nationwide already close on Qualia and more than 65,000 mortgage lenders use Qualia to close mortgage loans. 

Qualia provides an entire suite of technology products for every stakeholder in the real estate ecosystem with the ultimate goal of streamlining the real estate transaction and bringing about healthy homeownership. 

Mortgage lenders: meet Qualia Post

“We talked to a number of mortgage lenders across the country over the past year about how they interact with title companies and really tried to dig into what challenges are costing them the most money and causing the most pain,” Ty said. “We found that document collection from title companies was a huge pain point so we set out to build products and solutions to solve these issues.” 

“A lender doing 500 closed loans per month may be working with 300+ title companies to complete a very manual and time-intensive document collection process,” Ty said.  

The traditional workflow (before Qualia Post) typically looked like this for a lender doing 500 closed loans per month:

  1. The lender (in this example) has 2 full time employees dedicated to chasing trailing documents from the title company and following up, often with several calls and emails. These post-closers spend the majority of their day calling and emailing 300+ different title companies to retrieve these documents. 
  2. The title company often receives calls and emails from hundreds of different lenders each month. When the title company has time and remembers to send the documents, they mail physical documents or email the trailing documents to the lender. 
  3. The Post-closer then receives the documents by mail and opens the physical packages to individually scan and upload the documents into their LOS system. If the documents are received by email, the post-closer must still download the documents and upload them into their LOS.  
  4. The post-closer then manually tracks the document collection status within their LOS system or within a makeshift spreadsheet that details which packages are outstanding and which have been received. 
  5. The post-closer reviews the documents for accuracy. If there are errors, the post-closer must reach back out to the title companies. This re-starts the process all over again to receive the updated, corrected documents. 
  6. This entire process must be completed in a specific timeframe enforced by the lender’s investors. If the post-closer does not meet the deadline, the lender must pay a fine. 

The post-closing process is time-intensive, painful, and can cost lenders a great deal in fines when investor deadlines are not met. When volume is high (e.g. during the current low interest rate environment when volume is often double the average), this process is especially frustrating and burdensome. 

Qualia Post aims to solve these pain points by creating an automated, standardized document collection system. Ty provided a demonstration of how Qualia Post works within the lender’s LOS system and how requests are received and fulfilled on the title side. You can find the demonstration on HousingWire’s page or you can watch below:

If you’d like a personal demonstration of Qualia Post, click below to schedule a time to speak with a Qualia Specialist.

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