Every real estate transaction—whether it is backed by a mortgage or is an all-cash deal—requires a determination of ownership and a clear transfer of title. That said, many companies still rely on legacy systems and manual processes to procure, search, and examine title. This slows the search and underwriting processes, makes them more prone to errors and delays closings at the expense of the homebuyer.
DataTrace delivers advanced real estate data and title search technology and automated examination and production solutions used by leading title and settlement service companies. Its offerings help underwriters and title agents to make confident decisions, produce quality work and meet the SLAs needed to accelerate closings. The title and property data behind these platforms are powered by the industry’s largest network of regional title plants and property ownership databases, containing more than 7 billion recorded land record images.
TitleIQ, DataTrace‘s automation solution suite, is built on the industry’s comprehensive foundation of data assets, customizable business rules and industry underwriting guidelines. The solution delivers automated title searches, efficient examination, nationwide tax reporting, grading and title production services through a single source that integrates with all leading commercial closing platforms for direct data and image delivery.
Using advanced technologies, such as Optical Character Recognition and auto-coding, DataTrace solutions transform manual processes and drive title production efficiencies. For example, they can deliver an automated search of the property’s chain of title, transactions, and parties, retrieve the results and organize and pre-populate examination screens with all required title data – eliminating the time-consuming steps in the pre-exam process.
By leveraging title production automation, clients can reduce human error and make processes more streamlined by removing human interventions and delays.
“If 2020 has taught our industry anything, it’s that we need to be able to rapidly scale to meet demand and be able to do it without adding risk, cost or impacting the customer experience,” said Robert Karraa, president. “Our solutions, like TitleIQ, enable clients to embrace ground-breaking technologies that will fuel their business and market share growth.”
Through unified title search and examination production management, the TitleIQ solutions suite improves productivity and expedites report production – enabling title companies to quickly meet fluctuating market conditions and increased demand expectations across all types of transactions and geographies.
“DataTrace has always been at the forefront of title innovation,” said Jim Portner, vice president product and strategy. “We continue to invest in data, technology, and people to deliver customer-centric solutions that help our customers succeed and drive industry advancements.”
Robert Karraa, President
Robert Karraa is a strategic executive with over 30 years of experience in the financial and information services industries, serving in senior leadership positions in operations, sales and general management.
Jim Portner, Vice President Product and Strategy
Jim Portner, a recognized leader in product management and business strategy, provides a deep understanding of the dynamic mortgage and analytics technology marketplace and the opportunities and challenges delivering solutions for modern title, settlement and real estate companies.
Annette Cotton, VP, Data Management & Operations
With more than 30 years of industry experience, Annette Cotton oversees the source acquisition, data manufacturing, content quality and delivery of DataTrace’s market leading suite of enterprise public record data assets.