November 21, 2019
Title and Technology: How People and Robotics are Working Together to Improve the Title Industry
The partnership of people and technology has revolutionized the modern workplace. From virtual meetings to automated processing, we’ve transformed the ways in which we communicate and interact with one another.
For example, when checking out at a retail store, you may be asked to spell out your email address or provide your phone number to receive coupons or special deals. This process can feel tedious and inconvenient, especially if you visit a store regularly. Compare this experience to stores where we can insert our card into a machine and our account information is automatically displayed for the cashier. Introducing technology into this small piece of the process can make our transactions faster and more seamless.
More importantly, these types of technological advancements allow us to look up from our screens and interact with one another in a more personal way. It has been said that the right technology lets people be people again and allows employees to maximize their unique, human talents.
When it comes to the title industry, we’ve made significant technological improvements over the last decade. In particular, with the development and enhancement of title engines we’ve made notable progress in reducing cycle times, providing instant clear-to-close on certain transactions and more efficiently processing approvals on the remaining files.
More accurate and robust data feeding title engines allows us to determine the complexity level of the title review. This information can then be used to employ another central aspect of the title process: “skills-based routing,” a system for distributing work to the best qualified person for the task at hand. This is just one example of how people and technology can work together to make the title process more efficient.
From there, the title process can be further supported by Robotic Process Automation (RPA) with Attended Bots.
1. The Benefits of Bots
Unlike AI, which simulates human intelligence with the use of machines, RPA uses a software Bot to mimic human actions. RPA can be used to complete administrative tasks such as copying data, transferring documents and updating data from one system to another.
RPA not only provides enhanced speeds, but also increases productivity throughout the title process. Tasks that once took several minutes for a person to do can be done in a few seconds. This frees up personnel to do work that requires human judgement and client interaction.
2. Process Auditing
When determining which processes can benefit most from RPA, companies must first do a thorough process audit. For example, internal processes can vary from person to person. Before RPA can be implemented it’s important to ensure all employees are performing tasks in a uniform way in order to avoid a Bot running into an error and slowing down the process.
Bots work most effectively when the steps in a given process are clearly laid out. Having a well-defined, consistent, repeatable process is the ideal scenario for a Bot.
Beginning with a process audit also allows for faster identification of errors when steps are missed. The data people have memorized, or the workflows we automatically set up, don’t always make it into the instructions we provide for a given process. Pieces of the process that are automatic for us as people, such as knowing department codes or remembering someone’s phone number changed, have to become a specific, defined step the Bot must learn how to perform.
The entire process must have clear documentation and the right level of detail in order for the Bot to be as efficient as possible.
3. Implementation...and Beyond
Change management is a key part of a Bot implementation. While Bots come with great advantages, they may not always be embraced by employees at first. Companies must be mindful of what it means to change an employee’s job function and look for ways to highlight the opportunities new technology brings. For instance, with the introduction of a Bot, the time employees spent on administrative tasks might now be able to be used in more engaging ways, like interacting with customers, improving other processes or creating new work opportunities.
Another thing to keep in mind after migrating a task from a person to a Bot is the need for the company to consistently monitor for any changes that may affect the Bot’s workflow.
New regulations, changes to data or file locations or other process changes can cause Bots to display an error and stop the activity being performed. Regularly monitoring and updating process steps after implementation is key. Just like a human employee, “automated employees” must go through recurrent training in order to remain as efficient as possible.
The union of technology and people is imperative to the future of the title industry. Enhanced technology allows us to better identify process bottlenecks, shorten transaction times and deliver real savings to our customers. As we continue to incorporate new technology into the process and improve the functionality of our workforce, we are helping to ensure a stronger foundation for the title industry of tomorrow.
7.9% Year-Over-Year Increase in Median Prices According to the New Radian Home Price Index
In data released in September 2019, the Radian Home Price Index (HPI) showed a 7.9 percent year-over-year increase in median values.
Transformation in the Valuation Industry Webinar
Watch our experts help you ensure you are leveraging effective tools to improve the accuracy of your valuations and manage cost.
Minority Household Growth is an Opportunity for Mortgage Lenders
Read about the growing segment of minority borrowers and see how lenders can better serve their homeownership needs.
5 Reasons to Refinance for Homeowners
Read five key benefits to share with your borrowers on why refinancing their mortgage can be one of the best financial decisions they make.
Understanding Alternative Valuation Types
There are a variety of valuation products on the market that vary in complexity. Read more about the different valuation options available.
4 Strategies Servicers Can Utilize to Keep Default Rates Low
Read key strategies servicers can use to keep default rates low in the mortgage landscape of changing regulations and increased transparency.
September 2019 Event Takeaways
Read our key takeaways from all September 2019's big events to help you stay well-informed on the latest trends in the industry.
REO Manager’s Sales Checklist
Read our essential checklist for servicers and REO managers to efficiently prepare their assets for sale to compete in the market.
5 Key Takeaways from the 2019 MBA Secondary
Read our key takeaways from the 2019 Mortgage Bankers Association's National Secondary event in New York City.
Top Takeaways from the 2019 Structured Finance Industry Group Conference
Read our key takeaways from the 2019 Structured Finance Industry Group conference in Las Vegas, Nevada.