In a recent webinar entitled “Evolving Lender and Title Relationships,” hosted by October Research and The Title Report, industry experts discussed some of the ways lenders and title agents can become more competitive in a down market by smoothing out some of the common pain points between partners in the real estate transaction process.
From the lender perspective, Andrew McElroy, senior vice president at American Federal Mortgage Corp., offered some important questions for fellow lenders to consider during these slower economic times.
“How do your [lender] employees interact with title companies?” McElroy asked. “How can you try to standardize that amongst your group? How can you talk to your partners and find ways to work together in this market to come up with standardized processes, and be able to move your information, and then get your employees inside your own organization, to try to work toward a standardized process?”
“Trying to move that envelope to make it so that you can become more productive, have a better customer experience, and also be profitable is really important,” he added. “Go to webinars like this. Talk to your partners. Try to collaborate. See what other ways people are doing things to get you to help your organization either identify areas where you can be more productive and better in that relationship with your lenders and your title companies, or to reinforce what you're doing so you have it where you want it to be.”
Amy Gregory, chief administrative officer and president of Florida Agency Network, offered some insight from the title perspective on an array of important topics, including technological changes to the closing process.
“Buyers and sellers want options at the closing table, not just the old traditional closing. We all come to the table at the same time and you sat down and you signed the documents, you waited for funding approval, you were there two hours, but that is not the option for everyone,” Gregory said. “Some people love that option. Some are not even in the state any longer, they’ve relocated, they’ve not yet moved here, they’re getting the house before they move. So mobile closing is an option. Theres eClosing. Some are hybrid, where you do some online with a notarization, and then some paper. There’s just many different types of closings with [remote online notarization] (RON) and with hybrids.”
“The biggest thing with these is security,” she noted. “I have been asked if I feel more secure with a RON closing than I do with somebody walking into the title office. My answer is yes, based on the soft credit pull and the answers to the specific questions that that person has to answer based on their identity, as opposed to somebody coming into the office.”
Thanks to Qualia for sponsoring this webinar, making it available at no cost. To view the webinar in its entirety, click here.