TITLE INSURANCE'S NEW DIET
August 18, 2010
Imagine having to read a document the size of phone book-the title insurance review process once required (and sometimes still does) just that. Title agency TitleVest has come up with technology called Interactive Online Report (IOR) to streamline the title review process, so we dropped by its Wall Street offices to play with it.
While computers improved the process somewhat (they allowed for viewing a gigantic PDF hosted on a website), TitleVest's David Baron, Robert Buzard, and Brian Tormey see the iPad app as the future. Even though it was originally conceived for desktops and laptops, it fit perfectly on the hot new product. (And Crain's reported that the City wants to make the iPad "the new clipboard" for inspectors and other members of the city's field workers.) Now, attorneys are able to view reports in the same manner as if they were working with a printed document. If you're in the attorney's seat, it's a no-brainer if you want to find something quick, Brian says (and also a no-brainer for those clients who pay their attorney by the hour).
David compares the thinness of the iPad to the ream-sized traditional report. Features: search function, being able to magnify small print, view docs horizontally or vertically, track revisions with e-mail notifications, schedule closings, and order transfer tax and 1099 forms. Post-closing, the site sends recordation confirmation of all closing documents and archives policy copies. You can log-in to IOR anywhere, from the golf course to bed. And this isn't the firm's only recent innovation: It was just issued a US patent for the ACRISasap web-based tool, which cuts the time to create NYC ACRIS E-Tax forms by 90%-a process required in connection with all conveyances of real property and co-op apartments in the city. The technology only has a one-page data input form and cuts completion from 30 to 60 minutes to a mere five.