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Using rule-based workflows embedded into the production system, firms can complete tasks in a parallel approach, reducing cycle time.Automating workflow engines also increases accountability via reportable task timelines and quality.

Due to ongoing regulatory constraints, the processing of title information is highly commoditized, providing minimal differentiated value to customers at increasingly higher costs.It is fundamental for an STP technology platform to meet regulations and requirements by building state and county search standards into its workflow, as well as conforming to major underwriter requirements.Standardizing integrated business processes and procedures, from consistent order receipt to product delivery, supports continuous quality improvement controls.To manage ongoing changes in supply and demand, supply chains must evolve to support the strategic business operations — this may include expanding geographic coverage and product offerings, adjusting to cost and market fluctuations and monitoring risk controls.By Brian Twibell The research behind every real estate transaction is based on antiquated and manual methods that have not changed dramatically in decades.Repetitive tasks in the title production process can slow productivity and generate opportunities for errors—creating the need for ‘straight-through processing’ (STP).

Straight-through processing automates manual steps and redundancies to increase efficiencies, and, in turn, lower costs.Other industries, such as finance, have applied the STP strategy by automating transactions to meet the demands of tighter business deadlines while attaining cost reductions.As this challenge is becoming prevalent in real estate, STP presents itself as a solution in the title search process where the practice of procuring public records traditionally required heavy manual intervention across disparate sources.In order to reduce manual steps and seamlessly produce a uniform report, a technology platform using STP for the title industry should meet five requirements: By automating all steps in the title process with STP, from initial request to its completion, companies can focus on greater profit per order, service level agreement (SLA) attainment and high-value strategic activities.From a compliance perspective, transparency and risk mitigation will be inherent as a result of automation.By implementing a streamlined strategy and process, firms will build a strong foundation to respond to external factors and focus on high-value strategic activities, including the ability to position themselves to adapt to market fluctuations while driving sustainable internal growth and profitability.

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