How to Have AI Help With Title Company Responsibilities

How to Have AI Help With Title Company Responsibilities

A title company plays an extremely important role in the homebuying process. They’re responsible for bringing a number of moving parts together and facilitating a smooth closing for the buyer and seller. Just a few of these components include title searches, escrow management, and title insurance. The speed and effectiveness with which a title company can execute these actions have a direct impact on their reputation in the real estate industry.

Many title companies are turning to artificial intelligence to enhance their internal operation and provide a level of service clients can trust. As a title company resource, AI-powered tools can help with a wide range of everyday tasks essential to the closing process. Let’s take a look at some key responsibilities AI can assist with. 

Providing Closing Information to Clients 

Homebuyers and sellers are often unclear about the closing process. In fact, even some real estate agents need assistance. This means a title company has a responsibility to answer their clients’ questions quickly and accurately. Unfortunately, this can present challenges, especially when title agents are stretched thin with multiple clients. That’s why many businesses use an AI-powered virtual closing assistant to provide assistance. Clients have the option of interacting with this tool via chat or text message to get the information they need. This could involve simple details like a title company’s hours of operation or more complex questions concerning the closing. 

Secure Document Retrieval

A title closing involves a handful of important documents. Whether they’re associated with the title search, an escrow account, or title insurance, these documents need to stay secure and go to the appropriate parties. Instead of doing this manually, an AI-powered virtual closing assistant can streamline the process. When a buyer, seller, or real estate agent needs a closing document, they can request access through the virtual closing assistant. If they have the correct permissions, the AI assistant will provide access to the file. This process can be done 24/7 and even be completed via text or mobile device

Closing Cost Estimates 

Sometimes a buyer or seller will request closing cost estimates from their title company. When done manually, this can be a tedious process that can put added strain on title agents. However, by using AI as a tile company resource, the estimates can be generated with minimal effort. All a title agent needs to do is enter a few pieces of key information into the AI-powered virtual closing assistant and it will leverage the closing system to provide an estimate. The estimate can then be provided to the client via the virtual closing assistant. This cuts down on a lot of the legwork for the agent so they can concentrate on other things.  

Let AI Help You Fulfill Your Responsibilities 

If you want to be proactive about the level of service your title company provides, consider incorporating artificial intelligence into your operation. An AI-powered virtual closing assistant can help your team get things done faster and also allow your clients to get the information they need without having to pick up the phone. develops flexible AI-powered software for the title industry. To learn more, request a demo today.