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07/25/2017

Going Digital from Start to Finish

By Vicki DiPasquale, Tim Anderson, and Jack Rattikin

Communication and data collaboration technology has progressed leaps and bounds over the past decade. Consumers not only want, but expect simple and secure digital experiences. Yet the real estate transaction has been slow to adopt a seamless, completely electronic workflow, even with e-signing, e-delivery, and e-recording gaining traction.

When it comes to settlement agents, phone calls, emails, and even faxes are still their primary methods of communicating with lenders. What needs to change? Mainly, people’s mindsets. The technology already exists for settlement agents and lenders to collaborate digitally from the initial application through the post-closing disbursement and trailing document delivery.

The benefits of sharing data and communicating in a single online platform are numerous. First, it saves time and reduces errors and miscommunication because all parties are working with real-time data and instant messaging.

Second, it creates consistency and confidence by having the most accurate and timely information. The user always knows where to go to find the latest update. No missed emails, calls, or faxes.

Third, it’s a more secure and auditable process. While most organizations have security measures in place to protect data on their servers, they may not provide the same level of security for their email or telephone systems, or the party receiving the information may not provide encryption. Thus, communicating via these mediums can inadvertently expose sensitive consumer data to unauthorized access by outside parties. Communication via phone or email also raises concerns about the ability of both parties to provide a verifiable record of communication in the event of a regulatory audit.

It’s time to rethink traditional workflows and communication processes. Phone, email, and fax should no longer be the gold standard for collaboration. The right technology can offer efficiency and peace of mind in this new regulatory environment with ever-changing security risks. It is time for organizations to take the leap towards adopting technology for the entire mortgage process.

 

Vicki DiPasquale is the national sales manager at Simplifile. Tim Anderson oversees electronic commerce and eMortgage service capabilities for DocMagic. Jack Rattikin is president and chief executive officer of Rattikin Title Company of Fort Worth, Texas. All three title industry experts will speak more in depth about this topic during a session titled “Going Digital from Start to Finish” at ALTA ONE in October. Click here to register for ALTA ONE.

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