Qualia Expands Closing Platform to Serve Mortgage Industry
AUSTIN, Texas, Jan. 15, 2020 (GLOBE NEWSWIRE) -- Qualia, the leading digital real estate closing company, announced today at the Future of Real Estate Summit (FORES), the launch of Qualia Post, which streamlines the lender’s transactions during the closing and post-closing process. Post integrates with the lender’s Loan Origination System (LOS) and automates the post-closing process for lenders all within a secure portal. Lenders using Qualia Post have reported reducing the amount of time they need to work on the post-closing operations of each transaction by 25 percent, freeing them to work on more high value tasks. With Post, Qualia is expanding its closing services from the title industry to the mortgage industry, becoming the first real estate technology company to tackle improving both the closing and post-closing process for lenders.
Today, the average closing time can take up to 45 days as reported at FORES by the MBAs VP of Industry Analysis, Marina Walsh. According to data collected from the MBA and STRATMOR Peer Group Roundtable Program, after the closing, the totalnumber of days in warehouse before a loan is sold on the secondary market can range from 18-27 days for independent mortgage bankers. This can result in the total closing and post-closing process taking nearly 2.5 months.
"While most real estate technology companies are focused on the beginning of the home buying process, such as the home search for consumers or generating leads for real estate agents, we are committed to making the historically complicated closing process easier from start to finish," said Joel Gottsegen, co-founder and CTO of Qualia. "Toward that goal, Qualia Post streamlines the post-closing process, reducing the workload burden caused by outdated, manual processes and making it easier for two key partners in the real estate transaction - title companies and lenders - to collaborate more efficiently."
Post empowers lenders to automatically collect digital and physical trailing documents across all their title company partners. Title companies receive automated email reminders to share documents, and lenders can review the status of all their requests in one place without ever leaving their normal LOS workflow. Setup of Post for lenders takes less than an hour and requires no training for the post-closing team. Qualia Onboarding Specialists help set up title companies on behalf of the lender.
“Qualia is a game changer for our mortgage operations. We’ve gained back critical time to focus on superior customer service and winning new business,” said Andrew R. McElroy, Vice President, Mortgage Operations at American Federal Mortgage Company.
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