Ohio-Based Title Agency Provides Hyperlinked Commitments
June 15, 2010
Cleveland-based Resource Title Agency, Inc. is now delivering responses to requests for proposal for commercial real estate transactions using hyperlinked commitments. Traditionally, title companies have provided commitments in the form of lengthy paper documents via mail, shipment or courier.
Although the use of hyperlinked commitments is not new, it has been offered to date primarily by large national title underwriters. By offering this service, Resource Title is serving notice that title agencies intend to provide higher levels of service as well.
“Although the technology is fairly simple, the savings in terms of time and cost for both parties is significant,” said Richard Rennell Jr., senior vice president of Finance and head of Resource Title’s Commercial Division.
Rennell also noted that providing commitments via hyperlink allows the recipients to view “county recorder-grade documents,” whereas paper documentation, duplicated repeatedly, tends to lose its resolution. Additionally, providing commitments via hyperlink puts all relevant information at the surveyor’s fingertips.
“The market is entering a new era, and cost-saving technology is no longer the sole domain of the underwriter,” said Rennell. “Our clients require our services to be faster, more efficient and less costly. Hyperlinked commitments are simply one way to deliver in such a fashion.”
Kimberlee Nevelos, Resource Title’s commercial coordinator said “Hyperlinks speed up the delivery process, cut down on wasted paper and allow multiple users receiving the proposal to share the documentation via e-mail, rather than having to copy and distribute the commitments.”