In the coming months, you’re likely to see a big surge in the default services field.
To date, Congress remains in disagreement about the next round of coronavirus relief aid. Meanwhile, foreclosure analysts are predicting a range of coming events—all of which include increased foreclosures. With housing foreclosures looming on the horizon, there’s never been a better time to streamline your workflow.
No matter what Congress decides, more foreclosures are coming. At the worst, industry watchdogs suggest that delinquent loan payments could double over the next year.
To learn more about a title search tool that can help foreclosure lawyers increase productivity drastically, keep reading.
Business Boom Anticipated for Foreclosure Lawyers
Due to the coronavirus, the unemployment rate is climbing. For this and other pandemic-related reasons, foreclosure experts believe that approximately 225,000 properties will land in foreclosure by next spring.
At worst, this number could reach more than half a million properties. If Congress doesn’t continue the moratorium for residential foreclosures, this scenario is likely to play out.
It’s not feasible to continue the moratorium indefinitely. When it ends, homeowners who are behind on their payments will face foreclosure.
To date, Congress remains deadlocked on a plan of action. For now, homeowners have a temporary reprieve.
The moratorium, meanwhile, is providing short-term relief for the housing market. However, experts warn that moratoriums are typically ineffective. In the long run, this kind of intervention usually causes more problems down the road.
The Housing Market Is on Rocky Ground
Even before the pandemic, the housing market was still in recovery. Once the moratorium ends, the fallout will land another harmful blow to the industry.
For this reason, analysts expect the number of foreclosures to reach nearly 340,000 by the second quarter of 2021. Across the United States, they expect foreclosures to rise beyond double digits.
In the southern United States, experts expect foreclosures to rise by 80%. In the western US, they expect foreclosures to increase threefold. In the Northeast and Midwest, however, foreclosure analysts expect foreclosures to more than double by the second quarter of 2021.
In 14 states, foreclosures might even triple. According to analysts, this is the most likely scenario.
As a result, the demand for default services will rise sharply. Whether you operate a national foreclosure network or you need to conduct residential real estate title searches frequently, your workload is likely to increase—drastically.
The Problem With Standard Title Searches
The title search process during a foreclosure takes approximately two weeks on average. Until the title search is complete, your clients cannot move forward with their transactions. Only once you clear the title can your client receive the deed to a property.
Although this typically takes two weeks, the process can take longer. In many cases, all you can do is continue to deliver updates until a title clears.
How would you like to reduce the time it takes to complete a title search from 24 to 72 hours? If there’s a problem with a title, you could reduce an extended search to five business days.
These kinds of results are possible, depending on the complexity of the search. Still, what if you could reduce title search times drastically?
The Many Steps of the Title Search Process
The steps involved in researching a title are a severe drain on time. This issue is something that law firms grapple with every day.
Now, you can automate all the steps of a title search. The steps of a title search include:
7. Two-way abstractor communication
8. Invoice receipt
9. Invoice review
10. Invoice payment
Now, you can recapture much of the time spent on completing these steps.
With that time, you can reallocate staff members to pursue other important work. Alternatively, you can grow your firm without adding staff members.
With the right resource, you can generate profitability by increasing productivity. Best of all, you can increase productivity in an area where you may have believed that it was impossible.
A Solution That’s Light Years Ahead
Title Leader is the first and only title search management platform. The platform automates the 11 steps of the title search management process.
As a result, Title Leader can help you overcome the obstacles that your firm faces every day. Best of all, you can track the progress of title searches using our convenient, centralized Smart Dashboard.
For many law firms, the 11 lengthy and time-consuming steps of a title search have simply been a part of doing business. It’s something that was considered part of the job. Now, however, all that has changed.
Take Your Firm to the Next Level
You no longer have to use considerable staff resources to complete title searches. Now, you can recapture hundreds of wasted hours using Title Leader. It can help you to optimize your firm’s workflow.
Title Leader is specifically for law firms that manage high volumes of title searches. Typically, you’d experience this kind of volume if you primarily perform searches for foreclosed home and tax lien investors.
Nevertheless, the platform is beneficial for any firm or title company that performs a large volume of searches. You can use it to optimize the title search process in any county in the United States. For this reason and others, Title Leader is unlike any other title search service currently available.
Using Title Leader, you can manage as many title searches as needed. There’s never a cap on search volume.
Best of all, you can take advantage of Title Leader with no subscription or user and licensing fees. Resultantly, Title Leader offers you unlimited opportunities to increase your productivity.
Prepare Today for Tomorrow’s Opportunities
Now you know more about the title search tool that can help foreclosure lawyers increase their productivity drastically.
With Title Leader, you’ll store all your search information in the cloud. There’s no need to invest in an expensive IT infrastructure.
Please feel free to schedule a Title Leader demo. We’ll gladly show you how our technology can benefit your firm.
Alternatively, you can contact a Title Leader representative today at (866) 599 4900 or connect with us online to learn more about how you can leverage productivity to increase profitability.