During its default workflow, the client ordered and reordered title up to seven times.
In 2016, Boston National introduced its End-to-end Default Title Lifecycle Management Services.
It started when one of the nation’s largest lenders sent us their title recycling workflow along with a request to recommend how to improve it. The workflow showed that title was ordered up to seven times as a file bumped its way from modification through REO and foreclosure.
Reimagining the default title lifecycle
We had two objectives:
- Eliminate the costs and delays associated with redundant, unnecessary title orders.
- Shorten the title turn times in order to help get non-performing assets reperforming ASAP.
Solution nuts and bolts
First, we created a dedicated End-to-end default title lifecycle team of specialists who manage these files from start to finish. Knowing the history of each file, they used title updates instead of new, full searches when possible, while expediting the file through to the next stage.
Implementation
This was first developed for a client with whom we already worked very closely. We were able to implement the new workflow and help train appropriate client staff members within four weeks. As for results, the average number of times title is ordered on a file that goes through foreclosure is now three. In addition, we have shaved an average of two-and-a-half days off the curative cycle.