Hi Kari, I'm enjoying this too. So glad you decided to expand the conversation. I'll throw in my 2 cents.
I think the wide variety of language and actions necessary to process title in different parts of the country make these conversations a little bit harder, but all the more worthwhile to have.
1. Residential Commitment / Title Examination
I'm not entirely sure what you mean by "complete packet without searches" so I'll provide a description of the job responsibilities as I know them here in PA and estimate off of that.
We're going to assume that this is a residential purchase transaction (refi's take less time). A full 60 year search as been completed by an abstractor and emailed as a PDF with copies of all primary recorded documents (i.e. deeds, open mortgages, list of covenants and restrictions but not copies of them). (This would be a standard full search in PA). The Title Examiner would type the commitment from the search information, examine the search and documents adding any additional conditions and restrictions necessary to the commitment and type the legal description. They would then send copies of the commitment to all pertinent parties. Finally, they would update the company workflow with any additional tasks that need to be completed and return to the processor for action.
Time Estimate: 1 hour
If this was their sole responsibility: 30-35 per week
Mitigating factors that would reduce the time:
Refinance transaction
Ordering a search with a vendor that has a software integration reducing typing time
Ordering a search & commitment product with software integration (no typing time, just import, review and approve or edit) 30min max
Use of a tool such as Title Box that assists with title examination
2. Commercial Commitment / Title Examination
Assuming the same scenario and responsibilities as the residential transaction above:
Time Estimate: 1.5 - 2 hours - it really depends on the complexity of the transaction, this number could fluctuate wildly.
15-20 per week
Same mitigating factors as above
3. Final Policies
This one takes anywhere from 6 minutes to 30 minutes. I've timed it.
How do you get to 6 minutes?
I personally have prepared a final policy in Qualia in 6 minutes. Doing so required that my full commitment was properly typed and updated within the correct fields. Documents were e-recorded. Bring down search was ordered and received within 24 hours of closing and was clear (as is standard practice in PA). I did this at disbursement so the whole file was already familiar, meaning I didn't need any extra time to review anything. Issued a pre-recording policy which basically just states that the "effective date is Today's date or date of recording whichever is later" (acceptable practice in PA). Electronic software integration with underwriter automatically assigns my next Policy number and keeps a log with the underwriter and it sends them the final policy as soon as I issue it - no printing or mailing. Emailed the policy to the lender and buyer.
Can't wait to see what others have to say.
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Cheryl Evans
Carnanco
Marketing, Technology & Operations Consultant to the Title Industry
[email protected]Hire Me!
www.carnanco.infoFree Content:
www.cheryl.wTfOnline Community
https://community.wickedtitleforum.com/------------------------------
Original Message:
Sent: 04-18-2023 10:05
From: Kari Fossen
Subject: Title Commitment Production and Final Policy Production
I enjoy seeing the conversations of number of closings per week Closers can complete as well as what the closer roles complete at different agencies. This post make me think of the other spectrum of a title agency.
I would like to pose the following questions:
- How many residential commitments can an examiner complete in a week? (This would be via a complete packet without searches) also How many would they complete if there were completing the searches.)
- How many commercial commitments (Ag/business) can an average examiner complete in a week? (This would be via a complete packet without searches) also How many would they complete if there were completing the searches.)
- How many final policy can a Preparer complete in a week? This would include the final search, verification of requirements and the typing of the policy.
Data analytics is a great indicator of what an employee can complete and if a company is in need of more FTE's.
Thanks for your input.
Kari Fossen
Manager Title Insurance
D:(507) 344-5008 | C:(507) 317-7498 | F:(507) 344-4777
1921 Premier Drive
PO Box 4249
Mankato, MN 56002
Compeer.com | #championrural
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