Lone Wolf launches Digital Title Orders for 1.4 million real estate agents in the U.S.
“The new feature was made possible through an unprecedented collaborative effort between Lone Wolf and leading title providers, including First American Title Company and WFG National Title, and leading title software providers, including SoftPro and RamQuest, with many more on the way and planned for 2021. Through these individual partnerships, Lone Wolf has created real estate’s first direct integration between real estate agents and title agents and made it available to every real estate agent and brokerage in the U.S. through the member benefit, Lone Wolf Transactions. The national launch of Digital Title Orders kicks off today with First American Title, while those using the RamQuest title production system are also able to get their title companies onboarded within Transactions to connect to their customers. By the end of 2021, Lone Wolf plans to onboard 80% of title companies.”
It’s crazy the amount of scale that Lone Wolf has in the market. 1.5 million agents, 125 million forms per year and 22 million digital signatures. But scale is a double edged sword.
Over the past couple of months, I’ve been learning a lot about forms, transaction management, and brokerage accounting/back-office software. Due to zipForm’s partnership with NAR, it has the most forms coverage of anyone in the market. That also means they (we) have a lot of challenges as well. For instance, I learned last week that we get over 150 form change requests a week. A week! That is spread between two different software platforms – Zipforms and TransactionDesk. Each platform has separate processes for updating and creating new forms. In many markets, that’s one form, but twice the work. It’s a struggle. It can mean customers waiting longer than they want for forms updates. It’s painstaking work – I mean, it’s literally a legal document. I’ve talked to many of you and it’s clear that there is room for improvement. But that’s another blog post.
On the other side of the coin, what scale can also do is bring a great benefit to a lot of people in a very short amount of time. That’s what I believe is the significance of the launch of Digital Title. Starting with First American and those using the RamQuest title production system agents get a lot of benefits. It’s pretty amazing.
-One-click title orders in Transactions
-Automatic status tracking
-In-product chat with your title agent
-Secure document sharing
-One-click order cancelations
-Accurate data at closing with real-time sync
This works both with zipForms and TransactionDesk. Digitizing the process of ordering Title is just one innovation that is making things easier for agents and brokers. With brokerages that have JV agreements with title companies, it can dramatically improve capture rates.
I can’t wait to share another innovation Lone Wolf is launching next month that starts at the very beginning of a transaction. Can you take a guess? : )
