Qualia released a mortgage lender edition of Qualia Connect to its platform. The product suite provides lenders with more control over how they collaborate with title, settlement or escrow partners, according to Qualia. Connect now integrates directly into the mortgage lender’s loan origination system (LOS) to enable more efficient and transparent closings for lenders and their borrowers.
“Collaboration between everyone in the closing process remains very manual, inefficient and unpredictable today,” Qualia CEO and co-founder Nate Baker said in a release. “We are building products that go beyond just digitizing old processes. Products like Connect work alongside the LOS to reengineer how teams work together in a way that fundamentally transforms how homes are bought and sold.”
According to STRATMOR Group’s MortgageSAT Borrower Satisfaction Program survey, inaccuracies at closings can cause an 81-point drop in a lender’s borrower NPS, affecting future business. Qualia Connect’s integration between the LOS and the nationwide settlement ecosystem allows lenders to automate and standardize the way they work with any title company. All information and documents received from the title company flow directly into the lender’s LOS. Data auto-populates in the loan file and documents are uploaded to the appropriate folder. That keeps sensitive information out of email, protecting employees and borrowers from phishing attacks.
Lenders also can monitor average turnaround times and fulfillment rates across all title providers and track the status of each transaction in real time. This transparency between the LOS and the title system of record enables lenders to stay in sync with all their title companies on both aggregate and per-file levels.
“We have already used Qualia to share information with our title partners, but this new functionality in Connect is making a dramatically positive impact across our entire operation,” American Federal Mortgage Senior Vice President Andrew McElroy said. “It’s such a game-changing process to just look at our reports in Qualia and see that we already have 90 percent or more of the information we need already loaded in there without us needing to take any manual action.”