Title insurance outsourcing is an efficient, cost effective way to ensure a thorough research process and a quality insurance service that will protect both you as the mortgage lender, and the homeowner. Thanks to advanced internet technology and reliable software, this work can be done remotely by a contract firm and returned to you, saving you time and ensuring that the process is completed properly.
Better than Hiring Directly
If you, like many others, are a small business owner or an independent mortgage lender, it may have occurred to you to hire a professional in house to complete the research necessary to secure title insurance for your customers. However, it is important to note that hiring a new employee is an expensive proposition, even before you ever sign a paycheck. You will also be taking a chance by bringing someone in for a set number of hours each week when you cannot guarantee that you can keep them busy. With title insurance outsourcing, you only need to pay for the services you need when you need them.
Talent at a Discount
The other factor that is important when considering direct hire is whether or not you are able to attract the talent and experience you need at the budget to which you must adhere, and if you can keep someone when you are only bringing in a fraction of the business they are seeing in the offices of your larger competitors. When you utilize title insurance outsourcing services, you are tapping into an entire time of professionals who specialize in title work. A reputable contract firm can and will attract top talent and keep them by virtue of their specialty and their volume of work.
Prompt, Accurate Service
If you are currently handling all the steps of your mortgage loan processing by yourself or utilizing a local one- or two-person office to do your title work, you are wasting valuable time; this time could be spent servicing other clients, building your client base, or performing other revenue generating activities. Title insurance outsourcing frees up your time so that you can focus your time on these tasks. They offer a quick turnaround, meaning that you get paid faster; your customers are satisfied; and you will enjoy repeat and referral business as a result.
Using a reliable title insurance outsourcing service will give you the confidence of knowing that the work done on the titles for your clients is accurate and complete. If there are errors, they are corrected quickly, and responsibility for those errors lands on the service and not on your business. It is important when dealing with matters of finance that you utilize a service that can offer you this peace of mind.
Overall Cost Savings
While there is obviously a cost involved in utilizing a service like this, you will quickly find that the overall cost savings involved in being available only when needed, in offering a prompt turnaround time, and in freeing up your time, is apparent and substantial. Title Insurance Outsourcing with a reliable firm will decrease your expenses while helping you build profits.