Lenders can reduce cycle times, lower costs, close faster and scale up using EXOS Title
Technology played an increasingly pivotal role over the past 18 months, as the low-rate, COVID-19 environment pressed lenders to process more loans, more efficiently, and to provide consumers with a contactless mortgage experience. While mortgage rate predictions continue to evolve, one thing is certain: Technology solutions can help lenders navigate whatever is to come.
“Working with a provider who can use technology to scale operations swiftly, all the way through the loan cycle, will be vital for lenders who don’t yet have a very clear picture of what the year may hold,” says Susan Falsetti, Managing Director of Origination Title and Close at ServiceLink. “Leveraging ServiceLink’s EXOS suite of products can enable them to be more strategic about where they place their internal resources, regardless of how the market may fluctuate.”
EXOS Title, for example, has been a game-changer for lenders needing to keep pace with the growing number of applications, Falsetti adds. “Lenders can receive a near immediate response as to the complexity of a particular title. This enables them to assign appropriate staff to cleaner work and push more challenging files to their most experienced, agile staff,” she says. “Having both this title complexity decision and the actual title results so quickly gives ServiceLink partners a true advantage.”
The Benefits of ServiceLink Title Services
Beginning with the technology, EXOS Title automates the title search, pulling available land records data together to create a complete property profile. Its built-in decision engine determines expected title completion and clear-to-close readiness in seconds. This enables the lender to see at point of sale whether a title is clean, with no liens or other issues, or requires additional attention. In turn, they can make more timely and better-informed decisions.
Of course, technology isn’t everything. When titles come back with issues requiring additional attention, the knowledge and experience of dedicated title experts are invaluable. ServiceLink has a large team of seasoned title professionals who take on messy title challenges and see them through to resolution. “Title should never hold up a closing once the lender is set to move on it; EXOS and the ServiceLink team help ensure that it doesn’t,” says Falsetti.
Overall, lenders who use ServiceLink’s digital title services benefit in a number of ways:
- Scalability and agility to respond quickly to changes in volume
- Reduced cycle times and accelerated title reporting through Fidelity National Financial’s title plant and repository data, and other electronic delivery methods
- Reduced operating costs through centralized title production, serving all 50 states and the District of Columbia, and providing a consistent process regardless of title product
- Risk mitigation through more accurate TRID and GSE quotes, as well as experienced internal examination and QC review of title abstracts
- Commitment to compliance through dedicated teams focused solely on new and pending regulations, employee compliance education, vendor onboarding, background checks and E&O verification
EXOS Title, which is offered to ServiceLink lender partners at no additional cost, is just one component of ServiceLink’s comprehensive lender solution. Lenders and their customers can also benefit from EXOS Valuations, designed to enable consumers or their agents to schedule appraisals at their convenience. Lenders and their customers can also benefit from EXOS Valuations, designed to enable consumers or their agents to schedule appraisals at their convenience and EXOS Close, which automates the closing process; and other technology tools developed to accelerate and enhance the mortgage lending process. EXOS Close, which automates the closing process; and other technology tools developed to accelerate and enhance the mortgage lending process.
According to Falsetti, there are always plenty of new tools in the works: “Our sizable team of in-house data scientists and technology professionals are continually working to identify where lenders may need help in the loan process and then develop solutions to address those challenges. We routinely roll out technology enhancements designed to both streamline and simplify the process. ServiceLink’s commitment to being on the leading edge of technology in the title and closing industry is second to none.”