Industry NewsTechnology

Transaction systems peel paper from real estate

Future-Proof: Navigate Threats, Seize Opportunities at ICNY 2018 | Jan 22-26 at the Marriott Marquis, Times Square, New York

LAS VEGAS–Stewart Title offices that implemented the company's SureClose transaction management system as a way to better manage the settlement process have discovered at least one other benefit: They no longer need piles of paper files. Employees can search documents online, move documents internally and place them online for lenders and consumers to view, said Mark Cira, VP for product development with Stewart Realty Solution, during the Real Estate Settlement Providers Council's fall seminar last week. After a decade of flops and technology disasters, transaction management systems today are finally starting to reach a broader segment of the real estate industry–beyond settlement service providers. Real estate agents, brokers, lenders and even multiple listing services are examining the potential gains the technology could bring to their businesses. First introduced in the late 1990s, transaction management systems are technology platforms that manage every piece of a r...