How Instant Title can improve the customer experience you deliver
SPONSORED CONTENT THROUGH SERVICELINK
The advent of new and diverse lenders in recent years has driven competition in the mortgage market to new heights. And although origination and refinancing activities have continued to be plentiful since the second quarter of 2020, lenders have to be prepared for a weakening in volume. Those who prevail in the crowded field, continue to attract new borrowers and increase the loyalty of their existing clientele will be the ones who understand what consumers want and deliver seamlessly.
How competitive will the market be? Let’s look at how willing consumers are to switch from one lender to another when new needs emerge. The April 2021 ServiceLink State of Homebuying Report shows that only 43 percent of homeowners would consider their current lender first when planning a refinance. About 30 percent say they aren’t sure who they would be using, and 28 percent say they would use a new provider. There is clearly plenty of scope for lenders to build loyalty among these homeowners, as well as plenty of potential to attract new customers who are not as clinging to their current lenders.
With consumers so open to finding new financial partners, it’s important to differentiate your brand and offering. Instant Title can be that differentiator as it helps you create an exceptional customer experience that builds loyalty and new business.
How Instant Title changes the game
While many lenders have recognized the potential value of instant loans in streamlining their internal processes, few have recognized the dramatic positive effects they can have on a borrower. EXOS® For example, Title enables lenders to deliver instant clear-to-close title commitments that get the borrower to the close faster. This is an important difference based on consumer desire for a faster mortgage process. Almost half of the homeowners surveyed for the ServiceLink report said speed is an important factor in their refinancing process. In fact, speed was one of the top three factors (along with a lower rate) that respondents indicated they were looking for a refinancing partner.
It is also important to empower borrowers to get involved in the process. For example, EXOS Title offers the borrower the option of planning the deal immediately from their own mobile device. Given that 83 percent of respondents said they had at least some chance of planning their graduation date if they had the option, smart lenders will endeavor to engage them by providing this option.
Overall, EXOS Title allows you to give borrowers a quick commitment, set their expectations for the schedule and, through technology, enable them to get involved in the process. “Consumers are often frustrated because they don’t know what to expect; a lack of transparency makes them feel like they don’t know what is going on later in the process, ”said Sandeepa Sasimohan, assistant vice president, ServiceLink. “If the lender is able to set expectations, for example by telling the borrower that the process is likely to take a certain number of days, it is hugely helpful to the consumer and a great win for the lender.”
Data quality is crucial
While speed is typically what drives lenders to take advantage of instant titles, Phillip Petrie, Vice President, Product Development, ServiceLink points out the importance of data quality.
“With Instant Title, you can use alternative methods to make a title decision immediately, rather than relying on more traditional methods that take a lot more time,” says Petrie. “This requires the right technology, reliable data sources and title fulfillment functions in the backend to ensure that nothing has been overlooked.”
Sasimohan adds, “The industry as a whole is trying to get into the instant title space, but lenders really need to inquire about the quality of the data being provided. We’re all running towards the same goal, but the methods we use to get there – be it technology, processes, or risk assessments – are what sets ServiceLink apart. We’re setting a new standard by focusing on title-quality data as our primary source, which means the data is more accurate and better aligned with the actual state of the title. “
ServiceLink’s technological advantage includes the use of proprietary localized rules and logic for machine learning, natural language processing, and OCR technology that facilitate instant title searches and policy creation. Cloud-based automation engines access millions of previously examined properties, which can make rework and post-processing of claims unnecessary. The end result is standard ALTA title commitments and final guidelines that conform to lender and secondary guidelines.
ServiceLink has invested hundreds of millions of dollars in innovation and spent 10 years perfecting and connecting EXOS Title. “We developed instant title capabilities a decade ago, but it took data providers time to build their repositories – millions and millions of records – and invest in their technology,” Petrie said. “The sheer amount of data they had to collect and digitize, as well as the need for nationwide coverage, made this a daunting undertaking. But today we have data from many years in electronic form; that exponentially expands the potential and scope of immediate commitments. “
The support of the nation’s largest title provider
In addition to providing speed and transparency, a lender’s title service provider should also help instill confidence with its borrowers. ServiceLink can provide such support with its EXOS Title solution.
First of all, ServiceLink and Fidelity National Financial, the leading provider of title insurance and settlement services in the United States to the mortgage industry, worked together to develop one of the industry’s first instant title offerings. This product was built based on ServiceLink’s more than 50 years of title experience. Since its inception, EXOS Title has been used to process millions of transactions for the country’s leading real estate lenders.
“Title service providers usually have either the technology or the industry knowledge. ServiceLink is unique in that we have this great mix of technology and national underwriting that supports all of our decisions, ”says Sasimohan. “Our lending partners know we understand the business and are rated by a national underwriter. We offer a level of security and coverage that smaller title partners simply cannot. “
In addition, ServiceLink offers a level of service that surpasses its peers in this field. Dedicated customer teams provide each lender with a single point of contact and ensure that the workflows are tailored to their respective needs. Proactive reporting at the transaction level helps ensure that borrower expectations are met or exceeded. And ServiceLink continuously monitors volumes, market nuances, and industry trends to consistently deliver the most valuable products and services to lender partners.
Explore EXOS titles
Today’s borrowers want to partner with a lender who has the technology and insight to close quickly, fulfill their self-service desires, and provide visibility throughout the mortgage process. Partnering with ServiceLink can give you the support you need. EXOS Title allows you to close more loans faster, regardless of whether the volume is increasing or decreasing. It’s one of the oldest and most trusted instant title products in the industry, and it now offers the option for instant digital closing planning that clears the path to the closing table.
Do you want to learn more about EXOS Title? Discover all that ServiceLink’s instant title solution has to offer.