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Closings Report Card: Making Metrics Work for Lenders

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By Amy Tankersley

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Students of all ages and education levels receive report cards to assess the quality of their work, monitor their progress, and identify potential areas of improvement. Why should the business world be any different? Analyzing data and metrics can help a lender to identify ways to improve customer satisfaction (CSAT) rates and uncover invaluable insights to grow their business.

That’s the driving philosophy behind the transparent metrics the States Title Operations Team provides every customer on every closing file. Our comprehensive closings solution begins with a thorough customer onboarding process that gathers information on lender preferences for communication and service. These preferences define the service level agreements (SLAs) that collectively ensure we fulfill the commitments we make to each customer. A knowledgeable concierge manager serves as a single point of contact for each customer, consulting with members of the production team when complex title issues arise and managing every file from beginning to end.

As the closing progresses, we continually track each stage of the file against the customer’s predefined SLAs. We then transparently share these metrics with our lender customers, ensuring that our team is supporting both the lender’s goals and their customers’ needs – which results in delighted customers for us, and higher CSAT levels for lenders.

“Many lenders lack the ability to know how long it actually takes to move a file from end to end, and how consistently they are hitting their own goals for customer satisfaction,” said Brittany VanBrunt, Business Operations Manager and leader of States Title’s operations excellence team. “Because States Title is so data-centric – which is very uncommon in the title industry – our ability to focus on our lenders’ SLAs is what sets us apart from other title companies.”

Gauging SLA success

The methodologies of our operations team are driven by States Title’s cultural values: Customer Obsessed, Solution Driven, People Leaders, One Team, and Direct with Respect.

“We have spent the last year establishing our stance on accuracy and quality,” Brittany said. “We want to ensure that we are continuing to process high volumes, but we also want to ensure we are doing it accurately, with the same level of quality expectations we have internally as a company.”

To achieve this success, States Title tracks every closing file for 13 different SLAs, and is currently in the process of adding three more.

“We track them over time and share this information with our customers to ensure they are happy with their service,” Brittany said.

As mentioned above, we tailor our SLAs to fit a customer’s predefined preferences, but they commonly include: Concierge and production teams’ response time to customer inquiries; customer-impacting typing errors; funding times; faxback times; and commitment delivery.

“What is important to one customer may not be as important to others,” Brittany noted. “For example, one of our customers places top priority on on-time funding. Others may care about when we issue a title commitment, or error rates.”

Lender metrics progress report

Here are some metrics on some of our most common lender SLAs:

SLA COMPLETION GOAL SUCCESS RATE
On-time clear to close 12 hours
(1 business day)
95% of transactions
On-time Closing Disclosure preparation 2 hours 90% of transactions
On-time scheduling 2 hours 95% of transactions

Homing in on one SLA, Brittany explains that our ability to issue title commitments within 12 hours is “a huge differentiator when it comes to any other title company.” This achievement is made possible by States Title’s instant underwriting solution, which is powered by our patented machine intelligence and predictive analytics methodologies.

“For some title companies, issuing commitments within three days is a feat,” Brittany said. “Using our solution, which creates efficiency by being able to populate the title commitment itself, is a big differentiating factor for our customers. Because other title companies don’t have the same level of technology investment, this sets us apart.”

Metrics on these SLAs are reported to customers on a monthly basis, but members of our operations team examine them every morning and review them internally with States Title’s customer success team once a week. This ensures that any issues can be caught and resolved so they don’t become a problem.

But tracking customer success does not stop here for our Operations Team. When every file closes, an assessment of our own commences as we generate our own report card to ensure we met internal company goals, exceeded customer expectations, and have identified opportunities for associate growth and improvement.

Find out about the post-closing quality control processes of our Operations Excellence Team in the next blog in this series.