The primary task of Title agents is to ensure that property should have a defect-free title. They also need to brief the lender on valid liens and judgments related to the property vide the detailed property and tax reports on the property.
The tasks of a title agent are composite and complex, starting from observation at every checkpoint, identifying and fixing missing heirs, observing and checking for errors in public records, checking for forgeries, boundary disputes, and illegal deeds. There is a long list of verifications that any title agent needs to perform for each title verification.
Challenges with Unplanned Work Volumes and Niche skills
The work volumes for a title agent are directly dependent on the fortunes of the mortgage lending industry. The cyclicality of orders leads to work volume flux making it immensely difficult for the title agents to plan for team expansion to cater to peak volumes.
The other challenge that they usually face is whether “to accept” or “not to accept” orders from lending clients. Not accepting can have a poor impact on the relationship, as they may not get similar opportunities in the future. Accepting can be challenging too, as they may not have the skills, or resources needed to perform the required work, in the needed timeframe.
Can Partnership and Outsourcing be considered as an option?
Having flexibility for adding and dissolving a team can be a significant advantage in cost and managing workloads. The title agents can outsource it to 3rd party for ease of work. It helps the title agent leverage skills, scale, and expertise to manage their title production commitments. Still, a constant concern of partnering with a 3rd party is non-adherence to compliance. As stated by the Fed guideline, the liability does not shift ownership, and for any non-adherence, the title agent will still be held responsible by the lender.
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