FEBRUARY 2021 ISSUE
February is a great month to be reflective. The holiday dust has settled, we’ve grown accustomed to the swing of the new year and our favorite prognosticating groundhog has predicted another six weeks of winter to ensure some extra contemplative time stuck indoors. It’s also a good time to reflect on 2020’s official end—examining what some have described as a “thriving” title industry—and define our needs for 2021.
Foremost, with a presidency change, 2021 has us watching the Biden administration for a number of regulatory legislative and compliance trends we predicted might be at the top of the incoming administration’s agenda. On the heels of a nationwide vaccine rollout, we’re sure to see a demand for things to return to a sense of pre-COVID-19 normalcy. But, depending on the state, this return to the “status quo” could create additional headaches as Chuck Cain, senior vice president of Fidelity National Financial’s National Agency Division warns, “if you’re in a state where you’re doing RIN transactions under an emergency order, and then the rug gets pulled out and you can’t do them anymore under state law, that creates a real problem.” Ultimately, emergency orders put in place by state governors and regulators might have to be walked back with more caution than they were hurriedly applied within 2020.
And we all know the story of the housing market. Despite many predictions, record low rates and technology “enabling safe closings fueled levels of refinance loans not seen in years,” recounts Mark Lowery, Editorial Director for October Research, in a January 2021 industry report. We could also see the median sales price of homes rise 5.7 percent this year, and existing home sales could increase by up to 7 percent, according to Realty.com.
A rise in home sales, refi’s, and HELOC’s could impact order volume and profits for the housing industry, meaning title companies face understaffing and overworked employees. The question then becomes, how well will you manage demand in 2021?
So this month, reQuire wants to hear from YOU. Whether you’re an existing client or someone who isn’t currently using our services, we care about reducing overtime and worker fatigue to help you focus your resources on what really matters—your clients. Take part in our short survey to let us know how reQuire could better help both your team and clients. As a thank you, you’ll be automatically entered for a chance to win a $100 Visa gift card. Learn more >
CLIENT SPOTLIGHT: Alan Chang, JetClosing
This month we are spotlighting Alan Chang and JetClosing. Alan is the Vice President of Title Operations at JetClosing, a title and escrow company headquartered in Seattle, Washington. Founded in 2016, JetClosing aims to improve the real estate title and settlement experience by coupling the best systems and technology with an individualized touch.
JetClosing is trying to change the structure of escrow and avoid traditional bottlenecks to increase efficiency and provide a uniform experience for users. Historically, transactions across states often result in very different experiences for customers, even within the same company. We want to provide the same level of customer support, ease of use and transparency across our footprint, regardless of the state, city or county—while still handling from a (de)centralized location. This also enables us to utilize a uniform cost structure. We’ve eliminated the attachment to the sales price and don’t tie liability to the cost factor—a big benefit for customers.
The digital component of our offering is really important as well. For instance, instead of having to email or call your lender, REALTOR® or escrow officer to see milestones in a transaction, you can use our mobile or desktop digital application to track where you are in the transaction with real-time updates and automated push notifications, so you always have the insight you need, even on the go. Not only does this remove the need for outreach, but 24/7 access saves everyone time. I think that’s something that can be appreciated across the board.
2. Why choose reQuire?
We have partnered with reQuire since 2018. reQuire is well known in the industry so when it came time to find a vendor it was really a natural choice for us.
3. How have reQuire’s Doc Services helped JetClosing expand to other states?
Some states are easier to expand into than others based on their requirements for “attorney drafting of documents” or “licensed supervision of drafting of documents.” We have used reQuire to help facilitate this slice of the transaction. They help streamline our staff’s priorities so that we can focus on clients as opposed to these administrative needs.
4. What would you say to prospects about your experience with reQuire as your National Document Services Provider?
We have a really good relationship as far as ease of use. We understand what reQuire needs to draft appropriate documentation, and we appreciate that we always get a timely response with clear communication.
6. What success have you seen using reQuire’s services?
The biggest advantage we’ve seen is that we have less need from a compliance standpoint for licensed Washington staff. This is important because in Washington, in order to draft a document, deed or any type of legal document you need to be a “limited practice officer” or a licensed attorney. With reQuire, we can have our limited practice officers focus on client-facing needs as opposed to administrative drafting. This is a plus because this kind of work doesn’t need the “personality” and attention that we really want to devote to our clients.
7. Is there anything else you’d like to share about your experience with reQuire?
Generally, we think no news is good news! When you can operate like a well-oiled machine without a lot of complaints, issues or problems, your vendor can become almost an afterthought—but in the best way! We don’t have a high-maintenance relationship which is what we truly value the most about reQuire.
Looking to reduce overtime and worker fatigue this year? Then you need solutions that work both smarter and harder to deliver efficiency and cost savings. Consider combining our Release Tracking and Title Curative services to help keep employees focused on what really matters—your clients. Call or email us today to find out how. Learn more >
REQUIRE UPCOMING EVENTS SCHEDULE
2021 is underway and that means conferences are back on the horizon. Join us at the 2021 National Settlement Services Summit (NS3) in Naples, Florida August 31st – September 2nd, or RealtyConnect DMV 2021 in Ocean City, MD September 20-22nd. You can also set up a meeting to get in touch with us about upcoming events.