Who needs to control the first 11 minutes* of the post-closing process?

The answer is EVERYONE!

When done right, a standards based first 11 minutes will collect the closing table documents and record after they are reviewed for errors, dated down and checked for recorder quality in an accurate and controlled manner. Often with time left over.

 

When not done right, the process is uncontrolled, often requiring 1 or 2 days, with 4 to 6 times as many staff and all the associated capital and operations investment. Worst of all risk is increased for both the underwriter and agent.

 

If you are an Underwriter you want to accelerate deal flow with the least risk possible. A goal which is equally true for your captive agents and those independent agents who count on you. This first 11 minutes is a service you can provide for either or both agent groups, so they concentrate on selling and closing, not capital intensive and messy clerical work.

 

If you are a large agency you want to expand, streamline internal systems, and manage fewer employees supporting more revenue. You may want to acquire other agents but are worried about their “Not doing it right” history which may hold back your expansion or increase your costs. When ”doing it right” you quickly expand by adding agents without extra overhead, because the standards based first 11 minutes reduces clerical staff and risk by centralizing overhead and work.

 

Controlling the first 11 post-closing minutes with a modern standards-based workflow platform results in the required accuracy, speed, and efficiency that allows you to scale, provide better service, increase revenue and all of that because you have less people and invested less money.

 

* Average time to process a transaction in the Quadras system.

Complete Audit Trail
Keeping a record of who, when and what is done during the recording process allows easy verification that the proper procedures are performed; and allows management to optimize the employee training when procedures need improving.

 

Scalable
Because of the huge variability in the number of recording packages that need to be processed near the end of the month it should be easy to add staff to the recording process workforce and easy to train this temporary staff in the proper use of the recording system.

 

Consistent Work Priorities
When a large number of recording packages are being processed by multiple employees sometimes working at different locations, the recording system should automatically prioritize work so that the most important recording packages are completed first.

 

Convenient Collaboration
Recording documents is a title company team activity with participation by escrow officers, title officers and the recording desk. Regardless of location the best employee for the job can do the work.

 

Immediate Recording Notification
Usually escrow officers perform other customer related activities after documents are sent to record. A recording system should automatically provide the escrow officer with the recording information and copies of the recorded documents within a few minutes of successful recording.

 

Electronic and Manual Submission
While electronic recording is preferred for speed not all counties accept electronic documents. A complete system will allow manual recording where required.

 

Dual Approval
Most title companies require that both an escrow officer and the recording desk approve the recording package prior to sending the documents to the recorder. The recording process should insure that both parties approve the recording package.

 

Automatic Datedown
The recording process should have controls that insure that current datedowns are reviewed prior to sending a recording package to the county. If the title company is using a title plant with an automated interface the recording system should automatically retrieve a current datedown report.

 

Eliminate Couriers
Moving documents via a computer network rather than physical couriers improves security, eliminates cost and speeds up the process.

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