There's a reason the lender-title agent relationship is often called a "win-win" partnership: it really is. Both sides need each other to succeed, and when they work together in harmony, everyone benefits. At Skyway Title Services, we strive to build great relationships with all lenders so that homebuyers can get to the closing table more efficiently. In this blog post, we'll discuss the importance of that relationship and how both parties can ensure that it remains strong throughout TRID compliance and beyond.
The lender and title agent have a unique relationship, in which both parties rely on each other for the success of the entire loan origination process. The lender needs the title agent to provide accurate information about the property and ensure that all ownership and title documents are valid; meanwhile, the title agent relies on the lender for timely payment processing, as well as other important data.
The lender-title agent relationship is even more important when it comes to TRID compliance. The lender must provide the title agent with accurate loan information and disclosures, and in turn, the title agent must ensure that all documentation is handled correctly and that funds are transferred on time. Both lender and title agent need to be on top of their respective duties in order to ensure that the loan complies with all TRID regulations.
The lender-title agent relationship is a crucial part of successful loan origination and compliance. When both parties understand the importance of their partnership and take responsibility for their own roles, they can form an unbeatable duo. This ensures that all regulatory requirements are met, that the lender and title agent prosper, and that the borrower has a positive experience. It's truly a win-win situation for everyone!
In conclusion, the lender-title agent partnership is one of the most important relationships in loan origination. Both lender and title agent must understand their respective roles and take responsibility for the successful completion of their tasks in order to ensure compliance with TRID regulations and a smooth, positive loan experience for the borrower. By working together as a team, lenders and title agents can form an unbeatable duo that leads to success on all fronts.
We love all of the lenders we work with and we are devoted to making the closing process as smooth and quick as possible. Give us a call if you need any assistance at (423) 442-8638