There are many ways to manage the ups and downs of the market. One option to consider is to create a variable cost structure to your business by outsourcing certain tasks.
There are hordes of outsource/BPO firms – all of whom extol their virtues openly. How do you know which ones are good? Most of them talk a good game and tell you what you want to hear. How do you know they aren’t learning title on your dime? How do you know they will deliver? Do they have adequate security policies and procedures in place to protect NPI, including personnel background checks sufficient to comply with US lender standards? What is the best way to manage them? What tasks should you start with?
ProsperitasForward is fortunate in that we really do get to see it all. We know the real-life experiences our clients have had with various vendors, and what an agency can truly expect. We can eliminate the guesswork.
Outsourcing can make a lot of sense if done right.
We typically see our clients identify non consumer facing tasks as ideal for an outsourcing plan. Those tasks include:
- Order Entry
- Closing Protection Letter Generation
- Commitment Typing
- Payoff Ordering
- HOA Document Processing
- Subordination Processing
- CD Preparation (with title, settlement and recording fees only)
- Policy Typing
- Cover Record Processing
- Post Closing File Audit
Aside the value of enabling a variable cost structure, outsourcing can save you money, improve efficiency, and provide better and faster deliverables so that you can focus on core services. Outsourcing can help level the playing field and give you access to the same economies of scale, efficiency, and expertise that the biggest title companies enjoy.
Done right, it can be a game changer.
– Howard Turk
ProsperitasForward is a consulting firm led by a team of title insurance veterans, formed to help title agencies improve top line revenue and bottom line results.