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Overview
When you opt for mortgage financing to help yourself in buying a house, you have to go through a stringent process to avail the loan. One of the stages in the loan process is called "title search". In this stage, the property involved is inspected thoroughly. Any lawsuits, legal claims, liens or financial obligations related to the property, which may affect the sale of the property, are checked and verified.
Customer
A title settlement and insurance firm - MD and VA
Customer's Challenges
- High rate of attrition (administrative staff)
- The turnaround time had to be improved
- Increase in seasonal load of conducting title search services had to be managed efficiently
Flatworld Solutions' Back-Office Services
- All the incoming faxes were processed and stored in appropriate folders
- New orders and contracts were opened (Purchase/2ndMortgage/HELOC/Refinance)
- Files were opened in the TSS software and the dashboard was updated
- Any missing information was extracted by communicating with the loan officer
- The "seller information sheet" was faxed to the listing agent
- Updated payoff statements
- Title searches (full, current, bring-to-date) / surveys / lien certs were ordered
- Relevant property tax information was extracted from the Country Tax Office
- A binder and closing protection letter was prepared
- A 24-months chain of title was created
- The closing date in the company's calendar was scheduled; everybody was informed about it and was requested to be present during the closing
- All the paperwork (post-settlement) was managed by Flatworld Solutions
Impact on Customer's Business
- Manpower costs and other costs reduced noticeably
- The turnaround time improved considerably
- Flatworld managed the seasonal load efficiently
