5 Questions You Should Ask About Online TMS

In addition to price and the features, there are 5 important questions that you should ask when evaluating online TMS options.

 

#1. Is The System User-Friendly?

 

It is difficult to quantify the user-friendliness of a system, but you know it when you see it.  User-friendliness is the most important aspect of an online TMS.  If your external users cannot immediately grasp the system and figure it out, they simply will not use it.  If the system will require any training for a relatively Internet-savvied external party, it is not a feasible solution.

 

#2 Who Is The Online TMS Branding?

 

Your online interface with customers will gain momentum over the next several years as a primary mode of communication with many of your closing parties.  You want to make sure the system reflects your brand and not an underwriter, system provider, or other third party.  Keeping control of your closing parties’ interactions during the closing process is essential to the long-term viability of your company.

 

#3 Does The Online TMS Lock Me Into My Current Title Production Software?

 

If you have long-term plans to switch your internal title production software, you should consider the integration options available for your Online TMS.  Once you have your best referring closing parties accustomed to your online TMS, you don’t want to force them to learn how to use a new one.

 

#4 How Is User Access Maintained?

 

Ideally, you should be able to create a user account for a closing party one time and that same account can be given access to all closings for that closing party.  Some systems require a new user account for the same person for each new transaction.  This is a headache for the closing party and the title company.  If a Realtor or lender has multiple transactions open at once, they must login and out numerous times to access the closing information.  This will have a severe negative impact on the adoption of the system by external users.

 

#5 How Is My Data Protected?

 

If you are using a service-based online TMS, the data for your system will be stored on the hosting company’s web servers.  You should take some time to consider how your data is stored, secured, backed-up and used.  You transaction information and referring closing parties could be a rich source of information for a potential competitor.

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