Qualia Bolsters Bank Partner Network
October 10, 2024
Qualia enhanced its Bank Partner Network to help title and escrow companies offset operational costs while increasing efficiency and security via robust bank integrations.
Title and escrow companies that utilize the network receive specialized support from dedicated banking divisions who understand the specific needs of the industry.
Since the inception of the program in 2019, Qualia customers have saved over $20 million in bank fees and technology costs. Now, with the launch of an expanded network including BankUnited, Capital Bank, and new partners, Citizens, Encore Bank and Emigrant Bank, title and escrow companies can expect to receive even more significant cost savings, alongside greater choice. By banking within the Bank Partner Network, these companies will earn substantial credits that can be used to cover bank fees and eligible Qualia products or services.
"As a result of working within the Qualia Bank Partner Network, we expect to save $80,000 in bank fees and technology costs annually,” said Jim Janson, senior managing partner at Title Professionals Group. “By operating in one system instead of two, the time savings will add up significantly over the course of thousands of files."
When working with banks who do not integrate with their title production software (TPS), title & escrow companies often must revert to disjointed and manual processes. Switching between their bank portal and their TPS can lead to error-prone wire transfers that may result in higher labor expenses and potential financial loss. With the Bank Partner Network, these companies can access direct integrations for wires, earnest money deposit collection, automatic clearing and positive pay.
“The launch of the Bank Partner Network is a significant step forward in Qualia’s mission to connect key stakeholders in the real estate transaction,” said Jackson Reynolds, vice president of corporate strategy, Qualia. “By integrating title and escrow companies directly with our Bank Partner Network, we’re not only enhancing the speed and security of their closing workflows but also supporting our clients in maximizing their banking relationships.”
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