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Real estate software provider Qualia is looking to improve how it serves its title company customers. On Tuesday, the firm announced the launch of the Qualia Bank Partner Network.
The banks in the network include BankUnited, Capital Bank, Citizens, Encore Bank and Emigrant Bank. Through the network, Qualia said it hopes to help the title and escrow companies on its platform in reducing operational costs and “increasing efficiency and security via robust bank integrations.” Additionally, the companies in the network will receive specialized support from a dedicated banking division.
Title companies that bank with the institutions in the Qualia network will earn credits that can be used to cover bank fees and eligible Qualia products or services, according to its announcement.
“As a result of working within the Qualia Bank Partner Network, we expect to save $80k in bank fees and technology costs annually,” Jim Janson, senior managing partner at Title Professionals Group, said in a statement. “By operating in one system instead of two, the time savings will add up significantly over the course of thousands of files.”
Each of the five banks in the network offer a title-specialized banking team, as well as title-specific tools and features such as an extended wire transfer availability window for their title and escrow customers.
By working with a bank that is integrated with their production software, title companies don’t need to switch between their bank portal and production software, reducing the risk of input and wire transfer errors. Through Qualia’s network, title firms have access to direct integrations for wires, earnest money deposits, automatic clearing and positive pay, according to the announcement.
“The launch of the Bank Partner Network is a significant step forward in Qualia’s mission to connect key stakeholders in the real estate transaction,” Jackson Reynolds, Qualia’s vice president of corporate strategy, said in a statement.
“By integrating title & escrow companies directly with our Bank Partner Network, we’re not only enhancing the speed and security of their closing workflows but also supporting our clients in maximizing their banking relationships.”
