According to the 2018 Home Buyer and Seller Generational Trends study from the National Association of Realtors, millennials made most of all the home purchases in 2018, with a strong 36% market share, a 2% rise from 2017. And with millennials expected to net higher household income, this trend is likely to continue or get even stronger. According to the latest Ellie Mae Millennial Tracker, around 91% of closed loans to millennial borrowers, in June 2018, were for a new home purchase (a 1% rise over May).
Millennials typically don’t want to spend an extended period of time, especially on financial transactions. If they have a question, an answer is expected efficiently and very quickly. Realtors across the country have noted a mounting frustration in millennials once they begin actively searching for a home to make a purchase. This generation of home buyers does not want to go through the old process - which can sometimes be both time consuming and tedious.
One major issue that lenders face is the amount of time it is taking to process an application and originate a loan. Millennials demand speed and are not used to any unnecessary paperwork or waiting. Mortgage lenders know this well and work hard to get the attention of prospective borrowers by advertising the speed and efficiency of their approval process. It comes as no surprise that lenders demand the same from their vendors too.
Mortgage lenders know very well that Millennials need speed & efficiency & it comes as no surprise that they demand the same from their vendors too.
An important part of the mortgage approval process is the property title search and property tax determination. Documents such as property title search reports, municipal lien reports, tax reports, and certificates have to be delivered by title agents quickly, but without compromising on quality. This puts immense pressure on title agents to make a heavy investment in technology and manpower to provide quick response with nationwide coverage, to support lenders and realtors to close more loans and get more business.
Title agents may have deep enough pockets and are willing to take the risks to invest in the latest technology platforms, resources, and geographical coverage to make this happen. Alternatively, and certainly the more agile and efficient title agents, move towards choosing to partner with a service provider with proven title insurance support experience - someone who has a robust nationwide network and can provide technology enabled products & solution which can help in achieving operational efficiency and can help in delivering reports faster than competition, while being cost-effective and complying with the information security, quality and other compliance needs which are needed.
Coforge BPs is one such provider with 17+ years of title insurance support expertise, serving 100+ title insurance & tax customers nationwide, including 3 of the Top 4 national title insurance underwriters. Coforge’s wide variety of transformative products & solutions for the title insurance industry includes the SmartProp® platform that provides property search reports in 4 hours* & the SmartTrak® tax solution that can get property tax reports in 24-48 hours, with 100% financial guarantee.
To know more about these contact us at CoforgeBPS@coforge.com .