The NextAce team joined the title industry at the National Settlement Services Summit (NS3) in San Antonio in early June. We had time to sit down with a few industry innovators to discuss how the industry is changing because of the availability of new property data sources, new technologies and new workflows.
Nathan Bossers, COO of Boston National
In this episode, NextAce CEO Don Cantral talks with Nathan Bossers, COO of Boston National Title. Boston National Title operates in 41 states and leads the title and settlement services industry with a unique, channel specific service delivery model that dedicates the right teams with the right skillsets to each client's workflow. Boston National was acquired by Incenter in 2016 to expand their end-to-end client solutions.
Better Data and Analytics for Better Decisions
Nathan talks with Don about how lenders are working to expedite their speed to decision with point of sale technology, better workflows and enhanced loan operating systems. And, he shares his wish list to help get better product offerings to customers more effectively — it includes more access to aggregated property, loan and borrower data along with predictive analytics for better decision making.
Barriers to Digital Closings
Nathan also explains that while a full e-closing was completed in North Carolina, there are still barriers to digital closing. While they provide greater efficiencies and fewer errors than paper closing, full adoption is prevented by regulators, government entities, lenders and even consumers.
And, in the future while we may see more hybrid signings and processes — it will take more innovation and acceptance from all participants to take advantage of the cost benefits, improved loan close times and other efficiencies these closings can drive.
Title Plants, Starter Records and Competition
Finally, Don and Nathan talk about access to data, including starter records and discuss whether title plants help or hinder access and competition in the industry.
Learn more about Boston National Title by visiting their website or connect with Nathan Bossers on LinkedIn.
Learn about Incenter LLC, a Blackstone portfolio company headquartered in Saint Paul, Minnesota — Incenter provides its lender clients operating in the mortgage and specialty finance markets with access to capital, secondary markets solutions and fulfillment services.
And stay tuned for more episodes of What's Next? where we'll really open up the dialogue on What's Next in our industry. We're looking forward to more conversations with other innovative thought leaders in the industry including some that challenge our thoughts and ideas, but are helping to push this paradigm change in directions we haven't thought about yet.