Equity National Title Launches Transaction Management Application
September 4, 2018
Equity National Title has launched a transaction management application that allows all parties to monitor the status of a real estate transaction in real time.
Equity National Title partnered with Salem, Massachusetts-based Easy Mortgage Apps in the design and production of the app. The app will allow users to place orders, generate quotes, and receive and share status updates. According to the company, it can also determine whether an electronic closing is permissible and, if so, in what form. All functions are available to the user 24/7 and any authorized user with internet access can access the information. Users can also upload documents (such as missing identification; buyer authorizations and the like) and see scheduled closings, including the location (and map directions) and parties expected to attend. The app also sets forth the process in a series of timelines, including important dates and milestones, as well as current status. The app is available for Apple devices.
“The industry has talked for decades about an easier way for Realtors, loan officers and borrowers to know where the transaction stands without having to call the title company,” said James K. O’Donnell, president of Equity National Title. “It has historically been one of the chokepoints of the transaction. With the Equity National Title app, authorized users simply have to log in—at any time of the day—to see exactly where their deals are. No voice mails. No waiting. No miscommunication.”
According to O’Donnell, the app came about after a series of anonymous surveys Equity National Title conducted among mortgage lenders and Realtors. The consensus finding in the surveys was that loan officers and Realtors alike sought responsiveness and clear communication from their title and settlement services partners.
“The idea of using an app to cut unnecessary waiting and uncertainty from the process was past due for the industry, and we were delighted to partner with Equity National Title to make it reality,” said Michael Kelleher, president of Easy Mortgage Apps. “In fact, we went from concept to launch in about 90 days. Both partners were on the same page with the same focus: eliminating as much wasted time and needless delay from the title transaction as possible.”
O’Donnell added that security is not compromised for convenience with the Equity National Title app. Users must undergo a three-step authentication process, including an initial authorization which identifies (and later confirms) the device being used by the authorized party. The access to the production system is also not direct, but instead, routed through an intermediate server designed to prevent unauthorized access to the platform. The app has no connection to or access to non-public personal information, the company said in a release.
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