Today, Qualia announced its newest features designed to help title & escrow companies make data-driven decisions to increase operational efficiency and drive growth: Vendor Performance Reports. This release includes two new reports: the Vendor Performance Report and Products Performance Report.
With the new Vendor Performance Report, title & escrow agents are able to eliminate bottlenecks, optimize costs, and identify which vendors (such as notaries, title search providers, release tracking, etc) perform best in particular states. This report surfaces key performance metrics including but not limited to: trends in price changes and turn times, the number of orders per vendor within a given time range, total spend and share of spend, and average additional costs per order.
Additionally, the new Products Performance Report allows title agents to examine patterns broken out by product type (such as current owner search or tax search, notary signing for a refinance, etc) as well as the performance of a particular vendor across products. This report surfaces information such as the types of products, total spend and share of spend across those products, trends in price and turn times per product, and product ratings.
Eliminate Bottlenecks in Processing
According to a recent WFG survey of lender executives, 41% of respondents identified turnaround times as the top operational challenge faced by title insurance/settlement providers. Careful, consistent analysis of the new Vendor Performance Reports is one way title & escrow agents can identify vendor partners who are able to consistently deliver on their promised turn times and thus, eliminate bottlenecks.
Ultimately, the predictability of vendor turn times will support title & escrow agents in their mission to provide exceptional client experiences and on-time closings. During a recent interview with Qualia, Ray Manuel, VP of Operations at National Title Solutions said, “While it depends on the state and vendor, a title search should generally come back within 24-48 hours. We like to provide the commitment to clients as soon as possible. If a client is asking us for a service, we want to provide it right away. That’s the expectation for our company. ”
Turn Data Into Actionable Insights
Here are just a few questions the new reports can answer for title & escrow agents:
- Which vendors, such as notary services or title search providers, are able to deliver consistent turn times even when managing a high volume of orders?
- What’s the title search product I’m ordering most often from a particular vendor? What order placements can be automated using an Order Template in a particular state?
- Which vendors are delivering exceptional products consistently, and receive high ratings from my team on their work? Based on excellent five star ratings, should the vendor be added as a Preferred Vendor in Marketplace Settings?
Manuel elaborated further on the reports and said, “With the Vendor Performance Report filtered by product type, we’re able to rank the quality of searches by our personal rating. Since the performance metrics are all kept in one centralized place, we’re able to track the quality of work and consistency of turn times with title searches.”
Deepen Vendor Relationships
For growing title & escrow companies, efficient vendor management has shifted from a nice-to-have to a must-have, especially during the busiest times. Tracking performance is also essential to develop and deepen vendor relationships.
During a recent webinar, Matthew Bachner, Title Operations Manager at LemonBrew Abstract, explained how vendor reports helped the business identify and maintain positive vendor relationships. “Reports in Qualia help keep us and our vendors accountable. Using these reports, we discovered that [our vendor] was actually delivering their products back to us sooner than what they promised.”
Operate at Scale with Qualia
In addition to reports, automations in Qualia Marketplace further enable title & escrow companies to better serve their clients and provide more predictable, on-time closings. With the configuration of settings in Admin, Qualia users can automatically order title searches using order templates and shorten turn times.
“We’ve automated Marketplace ordering in certain states with order templates,” said Bachner. “For example, if we open an order in New Jersey using an order template, Qualia will automatically order a Current Owner Search from [our vendor] as soon as that order is opened. In that situation, my team doesn’t actually have to go to the Marketplace or take any manual action at all.”
Vendor Performance Reports and other subscription-only features are available to Qualia Marketplace subscribers. To explore Qualia’s full suite of vendor management features, click below to schedule a time to speak with a Qualia expert.