For decades, borrowers have paid soaring closing costs and experienced extended closing times while waiting for title insurers to assess the risk of title defects. The process of manually reviewing documents and submitting clearance takes days and, in some cases, weeks to complete. Instant Title helps streamline the title risk assessment process to make the closing experience more efficient for borrowers, loan processors, and mortgage lenders.

Instant Title Basics

Instant Title is designed to give borrowers and lenders a simple yet accelerated closing process. This modern technology enlisted predictive analytics and patented machine intelligence to reduce the 10-day underwriting process time down to minutes. For 80% of refinancing agreements, the solution offers a complete title commitment without defect.

Moreover, through basing decisions on risks rather than rules to accept risk and write over any liabilities on the title efficiently and effectively. With no additional consequence for lenders or borrowers, this technology offers minimal probability for claims. Instant Title immediately compiles both public and non-public data on a property. Then, the technology pushes the collected data through risk points to decide if the property is considered safe. Rule-based assessment is timely for identifying liens and liabilities and requires a curative process dependent on public data in a specific market.

Close Loans Faster

National lenders recognize that the refinance origination process needs improvement. Before Instant Title, refinance origination only attended to 5% of mortgage files, following the traditional and time-consuming process. With technological innovation, selecting loans only on issue-free, clear-to-close properties is inefficient. The strategic improvement plan must make identifying and implementing enhancements a priority. Machine learning and automation streamline operations and closing time for national lenders. The current process can take 30 to 45 to complete, while the lender’s goal for the completed refinancing process is 20 days. Seven traditional factors that affect time to close include:

  • Title
  • Clear-To-Close
  • Appraisal
  • Borrower Requirements
  • Disclosure/Internal Checks
  • Closing and Funding
  • Home Inspections

Combining Technology

Additionally, this with improved operations can increase capacity per processor up to 20% for mortgage lenders. Other advantages for lenders include:

  • 84% clear-to-close success rate in under one minute
  • 5% more applications closed successfully
  • 93% CSAT score vs. 77% industry standard
  • The expectation of 20-day closing by end of year

Instant Title Loans vs. Traditional Loans: Benefits

  • Reduction of 2.8 days in closing time
  • Increased revenue realized per month
  • 5% increase in successful application close rate
  • 15% savings for borrowers on mortgage fees

Automating processes offer benefits to both lenders and borrowers. Pioneering mortgage lenders who desire to expedite the time to close and increase the probability of closing require innovative technology with digital capabilities. This technology creates a simple and efficient experience for both parties.

Although the closing and refinance process is a complicated and infamously confusing one, the instant title technology can simplify the procedures. The amount of time and costs associated with the closing process brings unnecessary anxiety and stress to borrowers that may cause the borrower to choose another lender for future transactions. Accelerating the process for both refinancing an existing loan or closing a new mortgage loan provides peace of mind for borrowers they are sure to appreciate