The title industry can be tough.
Though the majority of title agents are upstanding, reputable professionals, the nature of their work is highly subject to scrutiny. Every once in awhile, a few unscrupulous agents give a bad name to the entire industry. Too many headlines about title agencies include the words “risk” and “fraud.”
But there is a solution. The ATS Secured platform manages risk and mitigates fraud while simultaneously creating a host of other efficiencies. It’s a safe place to grow your business’s visibility and reputation, and to use automation to stay compliant with regulatory standards.
How does the ATS Secured Network help title agents?
Vetting and Verification
The ATS Secured platform uses the most rigorous vetting process to prevent fraud.
Before joining the ATS Secured Network, individuals must undergo an identity check to verify that they are who they say they are.
Once a person has a free individual account, they must also onboard and fully verify their company’s identity.
Credibility with Lenders
As banks are now held liable for third- and fourth-party vendors, they are wise to carefully select vendors — including title agents. Being vetted and verified on the ATS Secured Network puts title agents on the radar of financial institutions and professionals who are looking for trustworthy business partners.
Being vetted by ATS Secured also enables you to manage business and financial transactions directly from your ATS Secured account.
When stakeholders in a mortgage loan are connected on the ATS Secured Network, each party can view all relevant data and documents. This eliminates redundancies, errors and delays, and keeps decision makers informed on the loan’s real-time status.
All of this adds up to doing your job faster, better and more easily so you can keep your customers happy. And with happy customers come referrals, positive reviews and recurring business.
Regulatory Compliance, Audit Tracking
Liability risk for regulatory compliance rests heavily on the shoulders of lenders. They must show evidence of compliance upstream in order to sell a loan on the secondary market, and categorize their third- and fourth-party vendors according to risk level. This makes title agents who’ve proven they are up to compliance demands extremely valuable.
With ATS Secured, every transaction and action taken on a loan file is recorded. This audit trail provides data to parties upstream, helping title agents prove they are following best practices and are compliant with regulations—and allowing them to increase both their credibility and visibility to financial institutions.
The title and escrow world is about to get a lot smaller. I’m not talking about the number of agents in the industry, but the way business is done and how transparency is playing more of a role in financial fields, due to the need to be able to verify regulatory compliance.
With necessary transparency comes the need for title companies and agents to collaborate with lenders, realtors and other key players on mortgage transactions. If you want to stay in the title business, it will be incredibly important to join a market network like ATS Secured. Embracing this change can make you a leader in the industry.
Start building your reputation as a verified and vetted title agent now; contact us today!
Discover ATS Secured’s innovation for the mortgage industry, which brings lenders and settlement agents together to increase volume and mitigate risk.