The launch of a new mortgage lender version of its Qualia Connect platform was announced by the digital real estate closing platform Qualia on Tuesday, July 12, 2022.
The Connect platform will now be able to integrate directly into the loan origination system of mortgage lenders, according to Qualia, as a result of this upgrade. In addition, the suite of services offered by Qualia Connect will provide lenders total control over their interactions with any title, settlement, or escrow partner, enabling them to automate and standardize their interactions with any title business in the nation.
Additionally, Qualia claims that this connectivity will allow mortgage lenders to send title orders, seek information, exchange documents, and offer progress updates using milestone-based or data-driven automated triggers.
The data will then automatically populate the loan file with all the data returned from the title firm and flow immediately into the lender’s LOS. According to the announcement, lenders can also track turnaround times and fulfillment rates by knowing where the loan is in the closing process with each Title, settlement, and escrow partner.
Lenders and title businesses are preventing sensitive information from being sent in emails, shielding staff members and clients from phishing scams and wire fraud by streamlining and integrating communications between mortgage lenders and title service providers. The standardized and automated operations will also prevent errors, resulting in quicker closings.
According to a recent Qualia and STRATMOR Group survey, almost 25% of lenders collaborate with more than 100 title companies monthly. Therefore, it is obvious how crucial familiarity and efficiency are to executing a flawless closing when 25% of respondents stated that they make more than 30 calls or emails every loan with their title business. To read more on this, click here.
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