Qualia Releases Customizable LOS Integration

July 12, 2022

Qualia released an update to its Connect platform that integrates with a mortgage lender's loan origination system (LOS) that provides lenders with control over how they collaborate securely with any title, settlement or escrow partner.

Qualia Connect's integration between the LOS and its settlement ecosystem allows lenders to automate and standardize the way they work with title companies. Lenders get visibility to stay ahead of costly delays and errors. Lending teams can also ensure that they maintain control of the borrower experience from order opening through post closing. This is consistent no matter what transaction type, closing location or closing parties they work with.

"Collaboration between everyone in the closing process remains very manual, inefficient, and unpredictable today," said Nate Baker, CEO and co-founder of Qualia. "We are building products that go beyond just digitizing old processes. Products like Connect work alongside the LOS to reengineer how teams work together in a way that fundamentally transforms how homes are bought and sold."

Connect also includes new reporting features that provide lenders with visibility into their closing process across their entire loan pipeline for every title, settlement and escrow partner. This provides lenders opportunities to optimize their loan process. Lenders can monitor average turnaround times and fulfillment rates across all title providers, and track the status of each transaction to ensure on-time closings and receive early warning signals for loans falling behind.

According to STRATMOR Group's MortgageSAT Borrower Satisfaction Program survey, inaccuracies at closings can cause a harmful 81-point drop in a lender's borrower NPS, leading to loss of future business. These types of closing issues tend to increase when lenders are unfamiliar with how their closing counterparts operate and lack control of their preferred closing process. With today's market conditions, lenders are seeing more business from purchases than refinances, which puts them further at a disadvantage when it comes to maintaining control of the borrower experience.

"We have already used Qualia to share information with our title partners, but this new functionality in Connect is making a dramatically positive impact across our entire operation," said Andrew McElroy, senior vice president at American Federal Mortgage. "It's such a game-changing process to just look at our reports in Qualia and see that we already have 90% or more of the information we need already loaded in there without us needing to take any manual action."

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