A smooth and successful real estate transaction requires effective collaboration and communication between lenders and title companies. Without these streamlined components, delays can mount and create negative experiences for home buyers. Technology today provides home buyers, lenders and title companies quick and efficient ways to communicate with one another to close the most glaring gap that plagues many real estate transactions. Some title companies don’t even realize communication is lacking, so we’ve discussed some common challenges they face as well as offer effective solutions.
Challenges Lenders And Title Companies Face
Shared platforms for communication simply have been underutilized in the title industry for years. This has resulted in numerous phone calls, emails and sorting through files to find answers home buyers and real estate agents have. While most real estate deals still go through without any issues, sometimes the delays can be frustrating for all parties involved, which is not something you want for your company’s reputation.
The problem is most title companies and lenders use their own server-based software at their office to complete transactions and answer questions. Effective collaboration is virtually impossible with this arrangement, as it’s difficult for title agents to drop other projects they are working on to look in someone else’s files. The good news is technological advancements today have led to the development of a virtual closing assistant to plug up these communication gaps.
Technology Provides Solutions For Collaboration Concerns
With technology like Remote Online Notarization (RON), e-signatures and virtual closing assistants, real estate closings can be more efficient than ever before. A virtual closing assistant is a game-changing technology for title companies, as it frees up title agents’ time to work on complex projects, while still having questions answered from home buyers, real estate agents and lenders.
The collaborative platform offers a secure channel for sensitive documents to be viewed, shared and signed, and questions can be asked directly via text message or online chat. The virtual closing assistant can answer both general questions and specific questions about a transaction from lenders, which can save an enormous amount of time for title companies. And possibly the best part about the technology is it’s available 24/7, so no one has to wait until the next business day to get their questions answered.
Streamline Closings With A Virtual Closing Assistant
As a title company, how many times have you had to wait on an answer from a lender or go through a lengthy closing with a home buyer because there are still unanswered questions on the closing day? This is typical for title companies, but also completely avoidable. Let a virtual closing assistant take care of a lot of the details for you, so all the work that needs to be done on closing day is a quick review and putting on a stamp of approval. Lenders, title companies and home buyers can use the same streamlined secure portal to collaborate throughout the process and not have to use a lot of resources to do so.
Alanna.ai develops flexible software for the title industry. Learn more about how we can help you.