Title insurance underwriter First American has launched a new digital platform for title agents, according to an announcement on Thursday.
The company says that the new platform, known as PRISM, combines automation and marketing tools, allowing First American policy-issuing title agents to offer products and services directly to their customers via any computer or mobile device at any time.
“Our PRISM platform is another example of First American’s leadership of the digital transformation of title and settlement,” Kevin Wall, the president of First American Title’s Agent and Lender Group, said in a statement. “By leveraging innovative digital technology and the company’s industry-leading public records data, the PRISM platform delivers a more efficient, more convenient real estate transaction experience for our title agents and the lenders, real estate agents, buyers and sellers they serve.”
According to the release, PRISM automates the personalized quote delivery and title ordering process, which eliminates the need for lenders or real estate agents to call their title agent for a quote for title and settlement fees, or order title, expediting the home buying process.
The PRISM platform also provides real estate agents with access to co-branded or white-labelled seller net sheets, buyer estimates, refinance quotes, marketing materials, and property reports, where permitted, that highlight the title agent’s role, helping both the real estate agent and title agent establish relationships with home buyers and sellers earlier in the real estate transaction. The platform will also include integrations with third-party services further streamlining workflows.
In addition, First American says the PRISM platform provides title agents with customizable marketing materials through Agent Print Pro, as well as property data, and information on policy rates, local recording fees and transfer taxes.
During the second quarter of 2022, First American saw a 9% year over year dip in its total revenue for the second quarter, which came in a $2.1 billion. The firm’s net income also had a significant decrease falling to $109 million from $302 million a year ago, as title order volumes decreased due to rising mortgage rates.