Ross Gloudeman, general counsel and chief compliance officer for Azimuth GRC, and Saul Ewing Arnstein & Lehr Partner Francis X. “Trip” Riley III detailed factors to consider when choosing the right technology.
Riley noted that the settlement services industry is highly regulated, so it’s not always easy to comply with all the different state and federal regulations.
“If you’re a title insurance agency, you’re going to be regulated by your state’s department of insurance,” he said. “If you’re a real estate broker, you’re going to have to comply with your state’s real estate commission, codes of ethics, as well as state statutes and regulations per your business. In lending, you have state departments of banking and prudential regulations at the federal level.”
In addition, Riley said title agents should follow ALTA’s best practices, and real estate agents and brokers should follow the National Association of Realtor’s guidelines. The Mortgage Brokers Association has additional guidelines for its members.
Gloudeman said when looking at potential technology vendors, it’s important to consider how their product creates efficiency and cost savings for your business.
“When you interview technology vendors, always consider how long the implementation looks like, what kind of data they need and how – or if – it can integrate with your production systems,” Gloudeman added.
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