Businesses are driving towards automation – it’s one of the major engines of the future of how our world will look and feel. But what does that mean for the title insurance industry?
To tap into this potential, title insurance companies and real estate agents require efficient, reliable, and advanced software solutions. Property transactions can be complicated matters to navigate, and proper tools can streamline these processes and enhance accuracy. For example, SoftPro is one of those tools you have likely either heard of or are actively using.
It’s a leading title production software in the title industry. As an industry giant, SoftPro closing software is the go-to choice of many different companies. But how has it adapted to the changes of the modern world? Let’s dive into what’s new with SoftPro.
Understanding SoftPro Closing Software: Advantages And Optimization
Beyond improving the closing and post-closing process, the software facilitates order entry, document preparation, and other vital steps for industry professionals. SoftPro offers the following key advantages:
- Efficiency and Accuracy: SoftPro streamlines the title closing process and reduces manual efforts while minimizing errors.
- Compliance Assurance: The software helps companies stay up-to-date with regulatory requirements and industry standards.
- Customization and Flexibility: Each title company has unique needs, and SoftPro provides customizable workflows and document templates to suit diverse requirements.
- Integrated Solutions: Features such as document management, reporting, and escrow accounting mean an integrated approach to title processing.
But these advantages might not be properly utilized at your title company. When you know the ins and outs of it, SoftPro can supercharge your title company. At Premier One, most of the questions we see around SoftPro are related to the optimization of the program – specifically automation, task triggers, and workflow. And it’s no surprise, as Forbes argues that automation is “opening doors” in the future of work.
When you migrate to SoftPro, we encourage a period of time for our clients to gain a comfort level. Then we tailor our SoftPro IT support to ensure that the tool is not just implemented, but altered to work at its best for you. This means a focus on workflow automation, custom reports, and technical support to ensure you get the most out of SoftPro’s extensive features.
SoftPro Closing Software: Recent Updates And Enhancements
SoftPro is continually updating and improving itself, showcasing a commitment to innovation and customer-centric improvements. In particular, some functionality that was previously only available to agents with the program installed on-premises is now available to agents on SoftPro’s hosted solution.
Below, we outline the latest developments of SoftPro closing software.
ClosingsLIVE for Desktop and Mobile
SoftPro has launched ClosingsLIVE, a dynamic communication portal enhancing the closing experience. This platform allows secure tracking of closing status, sharing documents, and real-time updates. The communication portal is designed to streamline the entire closing experience, not just for title companies, but for all stakeholders involved.
With ClosingsLIVE, users have the ability to post documents electronically to a secure website. It’s accessible via multi-factor authentication, ensuring both convenience and security. This portal supports real-time updates, automated notifications, and two-way messaging, all while being fully integrated into the SoftPro system.
Additionally, it offers customization options, allowing businesses to create their own branded ClosingsLIVE website and domain. The mobile app, available for iOS and Android devices, provides convenient access to the platform. It offers push notifications, a sleek interface, and customizable views, enhancing the accessibility of closing processes on the go.
Pythonic AI Integration
In a significant step towards leveraging AI, SoftPro introduced an integration with Pythonic Corporation for intelligent closing disclosure processing. This integration focuses on enhancing the accuracy and speed of comparing data between SoftPro’s system and lenders’ closing disclosures. By automating this process, users can easily identify discrepancies, reduce the risk of errors, and accelerate the review process.
This feature is particularly beneficial in ensuring compliance and accuracy in financial transactions. The integration operates through SoftPro 360, making it easily accessible to all SoftPro users. Further, the use of Pythonic represents a significant step towards incorporating AI into other title production software and routine processes.
AgentTRAX Enhancements
SoftPro’s integration with agentTRAX has experienced an update that includes several new features that focus on user functionality and experience. One of the standout features is endorsement mapping, which allows for precise management of policy endorsements.
Additionally, the integration now displays net remittance amounts, providing clearer financial insights for users. For high liability approval requests, the inclusion of alert messages adds an extra layer of security. Plus, the process of policy jacket creation has been refined with the use of policy lookup codes and automation support.
NotaryLoop Integration Improvements
There has been enhanced integration with NotaryLoop in SoftPro 360 that’s simplifying and refining the notary signing process. This upgrade introduces several user-centric features that streamline operations and improve the overall user experience.
Key enhancements include an update in SoftPro 360’s status to “Completed” once Notary Loop returns a completed status. (That might seem small, but the simple update means more timely updates.) A new loan information screen has been added, featuring loan type and lender dropdown fields for better data organization.
Additionally, a new progress bar with messaging for order submissions enhances the visibility and tracking of the notarization process. The replacement of radio buttons simplifies the user interface with more clear dropdowns.
ATG Integration Addition
A new integration with Attorneys’ Title Guaranty Fund, Inc. (ATG) in SoftPro 360 facilitates the electronic requesting and receiving of ATG closing protection letters and policy jackets. This process happens directly through SoftPro 360, and is a significant improvement in the title production process.
By automating these requests, the integration eliminates the time-consuming and error-prone manual tasks such as phone calls, emails, and rekeying of data. The seamless exchange of data between SfotPro and ATG enhances efficiency and ensures accuracy and security. For title companies that utilize it properly, they can offer their clients a more elevated level of service.
State Regulatory Compliance Updates
In July 2023, there were significant regulatory changes across various states, and SoftPro has updated its product to stay compliant. For instance, in Maryland, a new transfer tax for transactions over $1 million was introduced. Meanwhile, Texas passed the Remote Ink-Signed Notarization bill, expanding the scope of notarization methods.
These updates to SoftPro are vital for title companies to avoid potential legal pitfalls due to not keeping up with regulatory updates.
Enhanced Bank Integrations in SoftPro Banking
With SoftPro Banking, users can securely initiate and receive wire transactions and manage Positive Pay files. The automation of wire activity and check positive pay not only simplifies the process but also reduces the potential for manual errors. The security permission features allow for the designation of specific users as “approvers” for outgoing wires, which improves the control and security of financial transactions.
Stay Ahead With The Latest SoftPro Closing Software Updates
As one of the leaders in the title software industry, SoftPro is actively shaping the future of real estate transactions. Title companies who understand and utilize its continuous updates and enhancements can stay ahead, as well.
You can never be too innovative or efficient. Ask yourself if you are getting the most out of your closing software platform.
Our expert team at Premier One is here to help implement and optimize your software. Let’s talk about how to think about software as something beyond a tool – something that’s a catalyst for your title company’s growth.
Learn more about our SoftPro IT support capabilities to understand how we view the future of the title insurance company.
