Navigating challenging times often requires a shift in thinking. One of the top priorities among many of our clients is balancing cost containment with the appropriate investment in revenue growth. Many title companies are utilizing the current market to reassess title production processes, technology and resources as they look forward to 2024 and beyond. Automation—particularly new title automation opportunities—is a key element in their planning.
Doing it all with less
As the title industry continues to right-size following the post-pandemic housing boom, most title companies have restructured or downsized. It’s not uncommon to hear, “With a largely reduced team, we need to get the work done and be ready for the next cycle.” One way to do this is to automate simpler/repetitive tasks wherever possible to reduce the time and costs involved in lower-value tasks and allow more experienced staffers to perform more complex functions.
For some companies, this may include automating a straightforward yet time-consuming and often error-prone function, like tax searches. For others, moving to automated title search for less-complex title searches, or even automating full search with title examination is the best choice. DataTrace® automation technology, including the TitleIQ™ Search Automation solution, offers clients function-specific options to increase productivity and reduce the need to staff up or down when volumes fluctuate.
TitleIQ Search Automation can deliver a complete title search package in just minutes. It automatically pulls the property and general name indexes, analyzes the chain of title and tags the appropriate images based on customizable business rules. TitleIQ™ Enterprise takes it a step further to provide fully automated title reports with examination options that leverage nationwide data resources, unified title search workflows, and a robust examination workbench. TitleIQ offers direct integration with leading title production systems.
Incorporating automated search and/or examination can immediately reduce potential errors, increase productivity, and improve performance on other metrics. Clients have improved turn times by 50% with automated search and examination.
Tapping into new revenue with geographic expansion
In addition to reducing costs, identifying new sources of revenue is high on the priority list for title companies, and many are growing their businesses through geographic expansion. Open any edition of the Title Report, for example, and you’re likely to see articles on title companies opening new offices in growing markets or acquiring smaller firms to leverage their relationships.
To truly capitalize on these new opportunities, it often makes sense to evaluate whether legacy technology, workflow and processes are the best way forward. In a merger scenario, for example:
- Is one company’s technology platform superior to the other?
- Does what worked well for a few branches, scale to a larger regional footprint?
- When volume picks up, can it be managed by a combined organization?
- Will current data suppliers have the title plant coverage, tax information and national footprint needed to assure success in new markets?
In addition to national data coverage, title companies can support their geographic expansions with local-market intelligence to help them understand competitive positions and identify markets that offer the best opportunity for growth. DataTrace MarketView™ provides automated and customizable local-market data that can inform geographic expansion decisions.
A consultative approach is key in reassessing title production
Collaborating with a knowledgeable provider of both technology and critical title data can facilitate the reevaluation process. At DataTrace, we work with our clients to sort through their challenges and identify how to help them be more efficient, more cost effective and more profitable. Frequently, this involves a concierge approach that examines workflows and resources to ensure all relevant options are considered and evaluated to inform final outcomes.
As the industry’s only title solutions provider with leading nationwide coverage, automation and consulting services, DataTrace is uniquely positioned to help title companies to expand into new markets with a full arsenal of tools to support their growth. We have a nationwide footprint that accommodates regional differences, because we recognize that each title company has different needs.
At a time when many companies are scaling back, DataTrace continues to invest and expand our geographic coverage. Many of these plants are among the most advanced in the title industry, leveraging proprietary artificial intelligence and automation technology.
At DataTrace, our focus centers on three core pillars that our customers know to be true: we invest to further their growth, we are stronger together, and we’re committed to moving their business forward. See how these pillars can help your business increase efficiency, profitability, and success. Learn more.