What’s New in Qualia AI

Since we first published our artificial intelligence (AI) principles towards the end of 2023, the Qualia team has been hard at work developing AI-powered solutions to help our users better serve their clients and optimize their operations. A survey we conducted earlier this year showed that 90% of title & escrow professionals were already using AI, either personally or professionally, despite a lack of tools specifically designed for their business. With so much enthusiasm for this transformative technology, we made it our mission to bring AI into the Qualia platform in ways specifically designed for the needs of the title & escrow industry.

So far, we’ve introduced three AI-powered tools to Qualia users, with more in development for release later this year. With this initial batch of features, we focused on two areas of the closing process that take up a considerable amount of agents’ time: data entry (particularly when opening an order) and client communications. Our goal was to eliminate many of the manual, repetitive tasks that are necessary to process a real estate transaction but don’t require specialized skills to complete and give our users time back to focus on the areas of their job that require human judgment and decision-making. 

To date, 58% of our customers have tried one of our three AI features. Data shows that customers who use all three features save about 40 hours a month (or one week’s worth of a full-time employee’s work) with AI. We invite you to explore these tools and see how title & escrow companies are taking advantage of AI to help increase their efficiency and improve client satisfaction.

Increase time savings with the Qualia AI Document Processor

Order opening has historically involved a lot of repetitive data entry. Once a purchase & sale (P&S) agreement is signed, the data from the document needs to be manually entered into the title & escrow company’s title production system to begin the transaction. This is typically done by either copying and pasting data from the P&S agreement or by retyping the information directly into the system. It’s a time consuming process that adds unnecessary work to the very beginning of the closing process. It’s also a part of the process rife for potential error. 

Research shows that human error rates can range from 1% to 5% in manual data entry. This can be a big problem for title & escrow companies who use the data entered into their systems to prepare sensitive documentation, like title commitments and closing disclosures. A small error in data entry at the start of the transaction can have big consequences when it comes time to close, or if there’s ever a dispute on the property’s ownership. 

Automated data entry provides a much higher accuracy rate (around 99.96%), and that’s where the Qualia AI Document Processor comes in. With the AI Document Processor, Qualia users can eliminate manually entering information from the P&S agreement when opening an order. Instead, title & escrow agents can upload a PDF copy of the contract into the AI Document Processor, and Qualia will automatically extract key fields using generative AI (gen AI) technology. Agents simply review the information pulled into Qualia via AI for accuracy, resulting in huge time savings and helping eliminate human error in the data entry process.

Ensure accuracy with the Qualia AI Data Importer

The constant flow of information between the different transaction parties during the closing process can make it a challenge to keep data updated. Title & escrow agents constantly receive emails and messages throughout the transaction with updated names, addresses, phone numbers, etc. Keeping this information current within the title production system is another area where title & escrow companies run the risk of missing something important or manually entering a piece of information incorrectly, leading to inefficiencies in the process.

The Qualia AI Data Importer helps Qualia Connect users tackle this challenge by updating orders directly from Connect messages with the click of a button. Using natural language processing to understand the context, the AI Data Importer analyzes messages and emails to suggest where information needs to be imported or updated on a given file. 

The work completed by AI should always be reviewed by a professional, so new data is never imported into an order without the direction of a title & escrow agent. Agents are prompted to review import suggestions against existing data in the same field before updating the order or contact. This helps to ensure the highest level of data accuracy while eliminating tedious, manual steps and reducing communication oversights.

Improve client communication with the Qualia AI Messaging Assistant

Constant communication with all parties involved in the real estate transaction is critical to ensure a smooth and on-time closing, but busy title & escrow agents don’t always have time to stop and craft the perfect message. 

On any given transaction, agents are coordinating with multiple parties who all have different needs and ways of communicating. A vendor may reach out with questions related to the title search. The lender may ask about a specific charge on the closing disclosure (CD). The buyer might have a few different questions about the overall closing process.

Keeping up with all of these parties is a hard balance to strike. Agents need to provide their transaction partners with fast responses to avoid any delay in the closing. At the same time, they need to act as helpful guides for buyers who may be new to homebuying and unfamiliar with the steps involved.

Looking up information to send to vendors and lenders can consume a lot of an agents’ time. So can crafting thoughtful emails and messages to a nervous client. Sometimes, in an effort to communicate in the most efficient manner possible, agents can inadvertently come off as brusque or cold.

Now, Qualia Connect users don’t have to make this tradeoff. Instead, the Qualia AI Messaging Assistant drafts informative, personalized updates for them in just seconds. By leveraging contextual information within the system, the AI Messaging Assistant generates accurate and tailored communications so title & escrow professionals can quickly answer questions and provide updates that meet their clients service expectations and preserve their partner relationships. 

The data used to generate replies is pulled directly from the order, eliminating the need to click around the file to find the right information. Agents are instead presented with a number of draft messages to choose from and can simply pick the one that strikes their preferred tone of communication.

Conclusion

Finding the right AI solutions can be a game changer for any business, and Qualia is dedicated to providing innovative tools to help the title & escrow industry make the most out of this transformative technology.

By building AI directly into the Qualia platform, we aim to simplify manual tasks and routine communications so that your team can focus on the more critical aspects of their work. Our AI-powered tools also enable your teams to provide a more personalized closing experience with enhanced customer communication that interprets closing information directly from the order.

We believe that adopting AI-powered solutions will be key to staying competitive and meeting the demands of modern real estate transactions. As the capabilities of this groundbreaking technology continue to evolve, we will continue to find ways to harness its power to help our users save time, amplify their teams, and reduce human error.

To learn more about how Qualia’s AI solutions benefit real title & escrow companies, read our case study with Paramount Title Agency and Carney Title.