While the housing market adjusts to higher mortgage rates and affordability challenges, many title agents are eager to adopt digital technologies and tools that can help them compete.
With this in mind, First American Title recently launched its PRISM™ digital platform, allowing First American policy-issuing title agents to offer time-saving automation and marketing tools directly to their customers to help them navigate this rapidly transitioning environment.
Trey Dirks, vice president of product and information technology at First American Title, provides his insight on the PRISM platform’s origins, how it can help title agents and what’s on the roadmap for the innovative platform.
Question: How does the PRISM platform fit into First American’s broader digital leadership strategy?
"The PRISM platform is the latest example of First American’s commitment to develop innovative technologies for a more efficient, convenient transaction experience. As a front-end portal for much of our internal title and escrow technologies, the PRISM platform gives our policy-issuing title agents easy-to-implement, cost-effective access to First American’s infrastructure and resources."
Question: What are some of the unique challenges facing title agents and how does PRISM address those?
"The PRISM platform offers automated quote delivery and title ordering, eliminating the need for lenders or real estate agents to call their title agent for a title and settlement quote or to order title, which saves lenders and title agents time and helps accelerate the transaction. Through the PRISM platform, real estate agents can access white-labelled seller net sheets, buyer estimates, refinance quotes, marketing materials, and property reports, where permitted. Each downloadable, shareable document features title agent and real estate agent branding, helping both agents establish relationships with home buyers and sellers earlier in the real estate transaction and, ultimately, helping, helping the title agent secure more title orders."
Question: How does access to First American’s public records data through PRISM add value to the title agent and enhance the experience of lenders, real estate agents, buyers, and sellers?
"Accessing First American’s industry-leading public records data via the PRISM platform helps accelerate closings, which, in turn, enhances the customer experience. Rather than having multiple subscriptions and conducting extensive public records research, the PRISM platform pulls everything together into a single portal. Quick and easy access to property data helps real estate professionals and their customers better understand neighborhoods, schools, and anything else that might impact closing upfront."
"Backed by the First American’s infrastructure, data assets, and our culture of innovation, the PRISM platform gives title agents access to premier tools that may not otherwise be available to them. Ultimately, as a valued partner, we’re focused on helping grow their businesses by bringing them multiple tools within a single platform and providing them with a superior online presence."
Question: How is PRISM different from other platforms for title agents?
"Backed by the First American’s infrastructure, data assets, and our culture of innovation, the PRISM platform gives title agents access to premier tools that may not otherwise be available to them. Ultimately, as a valued partner, we’re focused on helping grow their businesses by bringing them multiple tools within a single platform and providing them with a superior online presence."
Question: What role will third-party integrations play in future enhancements to PRISM?
"If there is a third-party integration that makes that journey simpler, we’ll look at how we can bring that to our customers. The first of these integrations to be announced was with paymints.io, which enables both title and real estate agents to request and receive earnest money and cash-to-close funds from home buyers once a buyer estimate is prepared. By allowing title and real estate agents to trigger funding requests within the same platform, the PRISM platform helps enhance the efficiency of the settlement process. We’re currently evaluating several integrations that will simplify the real estate transaction from the point of sale all the way to the actual signing and handing over the keys."
Question: What other First American products and services may be offered through PRISM in the future?
"As we look toward 2023, we’re planning to integrate First American’s digital closing options, including eSign and remote online notarization, geo farming and other marketing tools, and a secure portal for wire fraud prevention, while continuing to provide an efficient closing process. We’re excited about the PRISM platform’s potential as we to continue to build and integrate new features that help title agents compete in this market transition."
For more information about the PRISM platform, email sales@PRISMpowered.com or visit go.PRISMpowered.com to schedule a personalized demo.
