The application process and ongoing audits and reviews are key pieces
of building a quality title agent network for any underwriter, but the
attention paid to these processes has increased. A panel of top
executives at three regional underwriters took the stage at the National
Settlement Services Summit to discuss these processes and how they
contribute to their business models, and how they hopefully will help
build a bridge to the lending and regulatory community.
Local knowledge key in application
One
could argue that these processes are even more vital for regional
underwriters because their smaller capital surplus minimizes their
margin for error in choosing whom to do business with. That is true, but
that smaller, more regional focus also enhances these companies’
ability to know who they are signing up and allow all of the key
decision makers to have a say on the process and outcome.
Scott
Chandler, executive vice president, director of agency at Westcor, said
it starts at the field level and relying on local agency representatives
that understand the area and the agents even before application or
recommendation for application. From there, an applicant would progress
to the regional manager for review.
“Often they know the agent as
well, so that’s easy,” Chandler said, further commenting on the
importance of local knowledge and developed relationships. “Then there
is a period of time where we go through the application approval
process. I’m at end of that trail. By the time I get the application,
it’s been vetted, looked at carefully, and often I know who that agent
is.