Lori Moore is a veteran in the title industry. With 20 plus years of work at various title companies and roles ranging from loan processor to now being on the settlement side of the house, she’s learned that things don’t change much in the industry. “This industry has been doing the same thing for a really, really long time. So much has changed in the real estate world, but title companies and the way they work, are still pretty ‘old school’.”
Two years ago Lori was in a meeting at her former title company and heard about “instant underwriting.” There was a company the owners were introduced to that was actually instantly underwriting…like within minutes. They weren’t even doing a title search! “Whoa” thought Lori, that seemed like an impossibility. She had serious doubts about whether that would ever happen at their title company.
Fast forward, and now Lori is working for States Title. THAT company that does instant underwriting! She didn’t believe she would ever come to see this day. She fulfilled her wish to leave her former company and do something different. Now, instead of waiting for days after a title order is requested, she learns the same day if the title is clear to close. It’s great to be able to communicate to a lender the status of their order the same day they submit their order. “I think they’re a bit reluctant to believe this can work too.”
So, just to explain in a bit more detail how this works; using both machine learning and predictive analytics, data from all available real estate and title data sources are analyzed instantaneously and intelligently drafted into documents, bringing only relevant information to the attention of those in charge of document processing. This process allows you to quickly dispense of “non-issues” and eliminate much of the curative, manual work for the vast majority of loans.
You can imagine, for someone that spent years waiting for multiple searches to be completed, this machine learning is a radical change. But, it’s a welcome change, as it’s clear, now that Lori has had her hands in many transactions, this IS the wave of the future. We will see more and more lenders jumping on board because it makes fiscal sense as you gain efficiencies in closing. Lori knows one thing, she doesn’t want to go back to the old way.