Buying, refinancing, or cashing in on equity for residential or commercial real estate is fascinating, whether it is a new development or a dream of owning a home coming true after many years of struggle.
Title companies are tasked with the important responsibility of ensuring that all closing disclosures are accurate. Even the slightest mistake can have costly consequences. In this article, we’ll explore some of the reasons why errors on CDs (closing disclosures) can be so costly, both fiscally and reputationally for title companies.
The process of securing a property, whether commercial or residential, is often exciting. But a defect in the title can be a major drawback to advancing the process. It also undermines your dedication to providing hassle-free transactions and derails your clear to close. Until title issues are resolved, your project will be halted. For a real estate development company, that might mean losing significant revenue. For a property hunter, defective titles narrow the odds of purchasing a dream property.
A survey of business leaders shows that 59% of companies use Business Process Outsourcing (BPO) services to reduce operational costs. Other benefits organizations get from a BPO provider include:
- Improved support functions like bulk data management
- Optimized customer services
- Improved efficiency in business operations