"For us, the biggest bang for the buck and the biggest ongoing opportunity has been around using AI to automate what I sort of think of as moments in our production process, whether that's escrow or title. I call them moments just because they're little tasks, they're big tasks, they're processes. But these opportunities abound in a title and escrow production operation."
"Over the last couple years, we've introduced AI into our open order process. So we open 100% of our orders with AI, which means we open orders twice as fast as we used to. We handle all of our closing packages on the escrow side using AI about 30 minutes savings per package, per side. Multiply that out and it becomes really significant."
"We're getting into projects around post-close (quality control), running through files, checking for signatures. You can extrapolate how many places that can go pages stacked in order, documents in the right order, signatures matching. We're starting to look at wire approvals, looking at wire fraud, comparing documents around wire submissions, signatures all of that. We've also built an AI email handler, because in a title and escrow shop, email is basically the communication medium with clients, processors, funders and Realtors."
AI has been integrated across title and escrow production to automate discrete tasks and processes. All orders are opened with AI, doubling order opening speed. Closing package processing on the escrow side uses AI, saving about 30 minutes per package per side. Closing disclosure (CD) ingestion and transcription with AI saves about 10 minutes per CD, reducing iteration time at the closing table. AI is being applied to post-close quality control, signature verification, document ordering, wire approval and fraud detection. An AI email handler manages communications with clients, processors, funders and Realtors, and Gemini enables hands-free transaction processing with no transcription or input errors.
Read at www.housingwire.com
Unable to calculate read time
Collection
[
|
...
]