The partnership between lenders and title and escrow agents is complex, involving work that can be difficult to manage for both sides. Title companies receive an overwhelming amount of inbound communications from lenders requesting documents, and lenders rely on title and escrow to provide those crucial documents throughout closing. With little transparency, automation or streamlined reporting for these processes, mortgage lenders can lose valuable time, suffer efficiency losses and even incur financial penalties.
Qualia Post automates the closing and post-closing process, giving lenders and title companies a more efficient and less expensive experience on every mortgage. Lenders using Qualia Post report a 25% reduction in time spent on post-closing operations, freeing them to work on more high-value tasks.
Qualia Post is an entirely web-based platform that fully integrates with title companies’ main workflow software, allowing lenders to automatically receive documents in a consistent manner from their title partners, even if they work with hundreds of different title companies. Set-up time typically takes less than an hour, requiring no training for post-closers and minimal training for their title and escrow partners.
Traditionally, funding departments and post-closers spend hours tracking and managing document requests, often from multiple companies simultaneously.
Qualia Post’s real-time reporting and visibility allows lenders to see which requests are open, which have been completed and which are overdue. The system also automatically notifies post-closing teams as soon as documents arrive, leading to fast reviews and immediate processing.
Workflows within Qualia Post are customizable and integrate directly into the lender’s LOS. Qualia Post automatically sends trailing document requests to title and escrow companies, triggered by a milestone from within the lender’s system.
Title and escrow partners then receive an invitation to a secure portal they can use to seamlessly upload digital trailing documents.
For title & escrow companies that use Qualia as their core software provider, electronic documents are automatically shared with mortgage lenders.
Once shared, the documents are automatically uploaded to the designated folder in their lender’s LOS, removing the need for lenders to manually upload and scan documents. The portal also protects the end customer by ensuring their sensitive information is secure.
Qualia Post can support the collection of physical documents, electronic documents or both depending on investor preference. The system includes a feature to enable filtering to determine which investors will accept electronic documents, resulting in a consistent, streamlined workflow for everyone involved in post-closing.
Qualia Post also automates additional document request follow-ups ahead of the post-closing. Lenders can set up custom reminders that prompt their title partners to upload their documents via the secure link. Qualia Post will continue to automate each document retrieval for the lender until the request has been fulfilled.
During the current low-interest environment brought on by the coronavirus pandemic, mortgage volumes have fluctuated dramatically. These uncertain conditions threaten already tight margins.
Qualia Post helps lenders manage these spikes in loan volume without sacrificing cost or efficiency. Automating the document collection process between lenders and title and escrow businesses saves valuable time and allows skilled workers to focus on other tasks that deliver improved business outcomes.
Product Name: Qualia Post
Snapshot: Designed specifically for mortgage lenders, Qualia Post automates the collection of closing and post-closing documents from title and escrow companies. Qualia Post integrates with Loan Origination Systems (LOS) in minutes and includes a live team of Qualia Fulfillment Specialists dedicated to working with title and escrow companies on your behalf.