Digital real estate closing platform, Qualia, announced the release of a new mortgage lender edition of its Qualia Connect platform on Tuesday.
According to Qualia, this release means that the Connect platform will now be able to integrate directly into the mortgage lender’s loan origination system. Qualia Connect’s suit of features will provide lenders with complete control over how they collaborate with any title, settlement or escrow partner, allowing them to automate and standardize how they work with any title company in the country.
In addition, Qualia says this integration will enable mortgage lenders to use milestone-based or data-driven automation triggers to send title orders, request information, exchange documents, and provide progress updates. From there, all of the information and documents received in return from the title company will flow directly into the lender’s LOS, with the data auto-populating the loan file. Lenders will also be able to see where in the closing process the loan is with every title, settlement and escrow partner, allowing the lender to monitor turnaround times and fulfillment rates, according to the release.
“Collaboration between everyone in the closing process remains very manual, inefficient, and unpredictable today,” Nate Baker, the CEO and co-founder of Qualia, said in a statement. “We are building products that go beyond just digitizing old processes.”
By streamlining and integrating communications between mortgage lenders and title service providers, lenders and title companies are keeping sensitive information out of emails, protecting employees and borrowers from phishing attacks and wire fraud. The automated and standardized workflows will also help errors from arising, creating a smoother closing process.
A recent study by Qualia and the STRATMOR Group found that roughly 25% of lenders work with more than 100 title companies in a given month. In addition, the study found a significant difference in efficiency depending on how often lenders and title companies work together. On a scale of 1 to 10, 63% of lenders surveyed rated their efficiency with title companies they work with regularly a 7 or higher, contrasted with 89% of lenders who rated their efficiency with the title companies they work with infrequently a 6 or lower on the same scale. With 25% of respondents reporting that they make more than 30 calls or emails per loan with their title firm, it is clear how important familiarity and efficiency are to pulling off a smooth closing.
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“We have already used Qualia to share information with our title partners, but this new functionality in Connect is making a dramatically positive impact across our entire operation,” Andrew McElroy, the senior vice president at American Federal Mortgage, said in a statement.
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