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technology supporting hundreds of recording jurisdictions along with automated workflow connections to websites and the industry’s largest field service courthouse abstractor staff,” said Twibell. “Owing to the diverse methods required to source information at the roughly 3,700 recording jurisdictions across the U.S., RedVision’s proprietary technology and services model provide our clients a single source for any title or property research in all 50 States.” Almost everyone who buys residential, commercial or industrial property — or refinances — also buys title insurance; most mortgage lenders require borrowers to pay for a title search and title insurance, and will not make a loan without it. But buyers purchase the insurance to protect the lender — not the borrower. From Antiquated to Automated Twibell predicts that the use of big data eventually may transform the title industry, as insurers find ways to use these new streams of information to radically alter business processes.
“Data is the underpinning of all title and property information,” he said. “ While the industry has long relied on paper and human-enabled processes, we are utilizing data and technology more and more trying to bring many of the seamless automation benefits realized in other financial service fields to a rather antiquated title procurement and processing market.” Twibell said one of the biggest challenges facing property insurers is making sure they have the right people with the right skills to capture and analyze big data properly. “RedVision believes data and technology will continue to bring efficiencies and disruption to the title industry,” said Twibell. “Different types of risk products and services will enhance the consumer experience and create an ecosystem that will open up competition and ultimately benefit the firms that focus on the customer and innovation.” Transparency Enables Transactions Real estate portal Ten-X allows buyers and sellers to transact online — an innovation
not available on any other major real estate platform — making quality, actionable data vitally important for the business, according to chief marketing officer Rick Sharga. “When it comes to people buying and selling real estate, it’s typically the biggest single financial investment they are going to make,” he said, noting that since 2008 Ten-X (formerly Auction.com) has facilitated the sale of more than 200,000 properties for a combined $39 billion. “Our ability to have a vault of data that buyers can use to do their due diligence becomes very critical.” Ultimately that rich data experience allows Ten-X to accomplish its mission of making it easy and safe to buy and sell real estate online. “Our belief fundamentally is the more useful data we can provide our buyers and sellers, the more useful we will be and the more informed they will be,” said Sharga, noting that the increasing availability of once hard-to-find public record real estate data has “opened Pandora’s box” when it comes
Data is the underpinning of all title and property information. While the industry has long relied on paper and human-enabled processes, we are utilizing data and technology more and more trying to bring many of the seamless automation benefits realized in other financial service fields to a rather antiquated title procurement and processing market.” “
Brian Twibell CEO of RedVision Parsippany, New Jersey
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