Posted by: Vinay Jain, November 30, 2021

Title Insurance Company Speeds Up Closings

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ProDeal streamlines document sharing and project management for high-volume, fast-paced title transactions.


Results:
  • Fast and easy upload of large files;
  • Hundreds of emails replaced with a single link to all title and settlement documents;
  • Onboarding in minutes, not hours.

Challenge:

AmTrust Title (“AmTrust”) is a premier title insurance company headquartered in Manhattan serving all 50 states.

With multiple geographic teams and commercial divisions, including a new Energy Team, AmTrust handles transactions that range in size from $1 million (for single-site transactions) to over $1 billion (for portfolio deals).

Multi-site, multi-state deals are complex and take hours of coordination to close. Much of the time is spent writing emails, breaking up or compressing large files so they can be attached to emails and following up with yet more emails. Alternate options are equally frustrating: file-hosting services don’t sync properly, and trying to access a client’s shared drives behind their firewall requires complicated IT work and takes too long to set up.


Solution:

To ensure deals close on time every time, AmTrust chose ProDeal as their secure closing table in the cloud.

ProDeal provides a convenient one-stop shop for everyone involved in a commercial real estate deal closing. Files can be uploaded to ProDeal from the office, from home or on the road regardless of how big the documents are. And instead of long email chains to respond to questions, ProDeal provides ‘Notes’ right alongside the documents.

Another advantage of having all files and documents in ProDeal is how quick and easy it is to add new team members, giving them access to closing files and documents in minutes.

AmTrust coordinators no longer need to manually email updates or download documents from their inbox into folders on their personal computers. Instead, ProDeal sends out update notifications automatically; anyone with access can go into the ProDeal room to review the most current versions of files and documents.

"In the energy division, our clients are developers dealing with big portfolios of land—these large projects can get cumbersome. ProDeal makes things a lot more streamlined. All of my clients have had a positive experience using ProDeal!"

Robert Concepcion
- VP Business Development

Outcome:

ProDeal has saved hours of work for everyone involved in the closing process, including title providers, underwriters and AmTrust’s clients.

In one engagement, a local title provider tried repeatedly to email a 433-page attachment to AmTrust, without success. Using ProDeal, AmTrust had the document in their hands in minutes.

During a recent construction loan project, a last-minute structural change required additional underwriters to be added to the project. Using ProDeal, AmTrust was able to give the new underwriters access to the documents and information they needed in record time.

AmTrust’s clients love ProDeal because they can access title information and documents months after a deal closes. Without ProDeal, clients have to spend hours searching through old emails or making expensive requests to their lawyers.

AmTrust Title has gone from the ‘old way’ of managing deals to a better way. With hundreds of projects successfully streamlined using ProDeal, AmTrust Title closes deals on time, every time.


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