How Title Companies, Lenders, and Notaries Leverage Tech to Close Deals Faster in 2022

August 31, 2022

What can we do from a technological standpoint to close more deals faster and work together more efficiently in the new post-COVID reality? Watch our brand new webcast replay to find out.

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The point of this webcast was to get industry leaders from Title, Lending, and the Notary world together in one spot…

Our mission was simple: explore solutions that allow us to bridge the gap of paper and everything being done on spreadsheets in the industry. 

  • How can we save time and be more efficient? 
  • What solutions are out there to empower us to work faster and close more deals?
  • How can we eliminate redundancy, take less calls, and avoid unnecessary meetings and emails? 

For those of us in larger organizations, what can we do to create a technology culture to really get buy-in from leadership, and we’re considering new technology (because no decision is made unilaterally in 2022).

Communicate, Communicate, Communicate

Here’s how deals typically go in 2022 (it’s been this way for years)…

You have all of these separate entities, who need to come together. There are lenders and lenders have loan officers, who, in a lot of ways, are their own small business. And it’s the same thing when you add brokers into the equation, who are literally their own small businesses that have sub small businesses with their loan officers

And then on the title and the escrow side of it… you guessed it… same thing. There are a lot of escrow officers that operate as small businesses. But wait, there’s more! Because most notaries are their own small businesses too then you add the borrower to the equation? Of course it’s time consuming and tedious. Of course there’s a ton of communication. And with so many parties involved, things take longer and issues arise. 

And when things go wrong in a transaction 99.9% of the time… it’s a communication issue. 

So, how can we use tech to cut through the noise, get everyone on the same page, and make things go faster?

How Lending Uses Tech in 2022

One of the biggest changes that we’ve seen recently is the ability to automate notifications.

Normally, you’d have to manually send an email from one person to a group of people and this is where it gets fuzzy. Because maybe somebody gets left off of that group email, and now they’re out of the loop. 

And so what technology is doing there is automating all of it… so nobody gets left or kept out of the loop. So, before we have a problem or before somebody says, “I didn’t get included on that group email that was sent a month ago”, we’re adding in the recipients we want to receive these notifications on a regular basis. 

This frees up time for the loan officer to have conversations about the questions the client has, rather than having to do manual efforts at each point of communication with the vendors or partners involved every at each step of the way. 

That’s where we’ve seen a huge value add…

Now lenders can work faster and provide automated notifications for the applications and other signings as well. So that’s just a good example of an area of the process where we didn’t have that before. Before when people were left out of the loop, loan officers had to make calls or send a bunch of emails. But now in 2022, there are technology solutions like Notaroo that eliminate all of that. 

How Title Uses Tech in 2022

Title professionals have a variety of people to communicate with. 

They’re mediators who manage a hub of communication. So not only are they nationwide, but they also have an array of clients, different needs customization. So it makes it a little challenging. So how do we bridge that gap to the notary company? How do we know we left someone out if someone doesn’t tell us at the beginning, who is all involved in the party? 

There’s a lot of human communication that you have to get the right information and set up. This is where Notaroo comes in and saves the day because they don’t just set up the communication system, they take whatever Title sends to them via XML, and they take care of it. So Notaroo really becomes the central hub of information, where Title communicates one channel to them, and then they channel it out to everybody that needs to be communicated. 

But everyone involved needs to opt-in first. So there’s two types of communication. It’s a communication from humans into the system and from the system.

The Old Way is So… Old

A big reason why we launched Notaroo was to eliminate the gigantic game of telephone.

If you ever played that game when you were young you know, when things are going smoothly, and there’s no problems, it’s all good. The problem is when there’s a communication problem. When you have all these different parties there are all these different folks touching a transaction and problems arise. 

So if a problem happens in the field with a borrower, for example, making sure that whoever’s in contact with the borrower can very easily communicate can solve the problem. This is a huge leap forward. And what we’re able to provide today from a technology standpoint, versus 15 years ago (when we barely even had email) is a game-changer. 

Now in 2022, we can get everybody on the same page, in real time, to deliver the package to the borrower so their experience is perfect. At the end of the day, this is why we built Notaroo. For Title. For Lenders. For Notaries. And of course… for the borrower. 

To see the whole conversation, scroll up and watch the video above.
To give Notaroo a try, click here.