Title cos. roll up tech sleeves
|March 12, 2003|
ALTA®'s Tech Forum in Las Vegas takes a look at what's ahead
Inman News Features
Title professionals gathered in Las Vegas during the American Land Title Association's Tech Forum this week to talk about what's hot in the title industry.
The forum featured five national title underwriting families participating in a panel discussion of technology advances in the industry, as well as an exhibit of more than 30 technology vendors.
The five national title underwriter families participated in a panel discussing technology advances and how they will affect the industry.
When asked whether electronic mortgages and paperless closings will only succeed in the top major markets, the underwriters said that e-mortgages are coming but that the industry needs further standardization to make them a reality.
The participants also touched on the possibility of application service providers (ASPs) and browser-based networks resulting in a more virtual workplace for all sizes of businesses. Some felt ASPs and browser-based networks are where the industry is heading and would provide an opportunity to better serve customers, but others felt they would be difficult to execute without a strong central office and that not all sizes of businesses needed them.
The underwriters also discussed how agents can prepare for the world of packaging, suggesting that agents start bundling now with underwriters to process orders and deliveries electronically in order to be relevant to local lenders. Participants said lenders are already packaging and want to look at the efficiencies of working with one provider for all of their needs, so agents need to get their processes electronic in order to compete.
ALTA's next Tech Forum is slated for March 14-16, 2004, in New Orleans.
Washington, D.C.-based ALTA is a national trade association of title professionals.
Copyright: Inman News Service