Technology streamlines antiquated process
Automated title search companies are dragging one of the last bastions of time-consuming manual data retrieval – the title search process – into the 21st century.
"If the property falls into the location and timeline covered under this system, we can get that title done within 12 hours, as opposed to what would take three or four days to do manually in many states," said Monte Jiran, director of operations for Equity Settlement Services, a client of automated title search services provider Realty Data.
"This is the way things are going. The only question is at what speed," Jiran said.
"In areas Realty Data doesn't cover, we have to send an examiner to the county clerk's office to do research on a property and compile the information. Then we have to re-type it into another report," said Jiran, describing the traditional process.
"With Realty Data, you touch a few keys, it's in readable format and we're much more responsive to our clients. Not to mention, it's less costly," the director of operations said.
"Automating of the title search is really catching on. It speeds up the whole closing process and reduces some of the costs," said Veida Dehmlow, partnership management officer of the Independent Community Bankers of America Mortgage.
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