Mortgage rates have hit the lowest level in 14 months. And reports from Housingwire suggest that the Federal Reserve is not planning to increase the interest rates any more this year. This is a 60-week low mortgage rate, and along with the easing of lending guidelines, may be just the right incentive homeowners needed to re-enter the market after sitting out for most of 2018.
So what does this mean for title agents? An uptick in revenue and increased competition? Or a rise in expansion costs and an increase in expenses? Does more business mean increased time to complete orders?
Well yes, for starters, title agents can expect a rise in the number of mortgage applications. At the same time, they need to gear up to deliver title reports even faster than before. Mortgage lenders promise their customers a much faster loan and in turn expect nothing but the best from their vendors. If a title agent cannot live up to their expectations, then there is always a replacement readily available.
But the need to respond faster is there – if you look at the NMN top producers survey 2019, 77% of respondents believe that it is extremely important to reduce turn-times.
This need to deliver faster can lead to errors in reports, thus exposing title agents to increased liability and reputational risks, both of which are not good for the business.
On top of this, if a title agent wants to be the preferred vendor for its lender clients, they have to be ready to take on & fulfill orders across counties and states across the country. There can be no excuses for having a limited presence and limited ability to service complex title states like New Jersey, Pennsylvania, for example.
To address this, title agents are either investing heavily in manpower or getting the right technology platform. But this makes their overhead costs soar – to an extent that it starts eating into their bottom-line. Not a situation where they want to be. However, there is always a way out. Leveraging an experienced provider like SLK Global, which already has the infrastructure and the manpower available to provide quick, accurate coverage nationwide, can help title agents not only reduce their costs but also leverage a single vendor for all their property searches & property tax requirements.
With a wide array of products & services like SmartProp® and SmartTrak®, SLK Global can help title agents deliver reports much faster than the competition while ensuring 100% quality. And with their robust online database and nationwide network of abstractors, they can also help title agents grow their business exponentially.
To learn more about how SLK Global’s solutions can help, click here