Professionals in the title insurance industry enjoy a positive reputation for their attention to detail and customer service. They also are known for sometimes being slow to adopt technology. Since the creation of the Consumer Financial Protection Bureau (CFPB) five years ago, that has started to change. The Title Report spoke with Brady & Kosofsky Managing Partner Jamie Kosofsky, Winged Foot Title owner Chris Black and Real Estate Data Shield CEO Chris Gulotta about their observations. We asked whether the CFPB has pushed the industry to a broader adoption of technology.
“The use of technology has increased dramatically as service providers try to create efficiencies by automating processes that lend themselves to streamlined automation,” Gulotta said. “Also, lenders more and more require interaction with them through portals or through mid-ware platforms to share documents, updates on active files and to track performance scorecards. This increased interdependency on technology comes with a cost to service providers and renders us all — bankers to borrowers and the supply chain service providers in between — vulnerable to any disruption
in connectivity or downtime.”
Kosofsky said there has not been a broad adoption just yet.
“I think there was a lot of hype about the adoption of technology in the past five years, but in all actuality, after TRID was live everyone was so confused that they retreated from the ‘toys’ and went back to doing things manually. The biggest reason for this is because everyone was afraid that they would miss the deadlines set out in TRID,” he said. “Now that the smoke has started to clear, I think we will see more people embrace some of the fantastic technology, which has been developed in the past five years.”
For the rest of this story, and all the additional content and insight available in our 16-page 2016 CFPB Anniversary special report, download your free copy of the report here.