DataTrace, with over 1,800 U.S. title plants, can assist in identifying potential homebuyers among renters, empty nesters, and fix-and-flip investors.
The largest title data provider in the U.S. mentions that title insurers are utilizing its detailed data to target prospects, including renters preparing to buy, empty nesters, and fix-and-flip investors. Data Trace Information Services LLC, a subsidiary of First American Financial, has expanded its U.S. title plant coverage to more than 1,800 plants, adding over 1,100 plants since 2022.
In an effort to leverage their AI and automation technology, DataTrace is not only broadening but also deepening its title plant coverage. They have recently enhanced the depth of their title plants in eight Florida counties, dating back 30 years.
Furthermore, DataTrace offers title history information, property tax data, document images, and property profiles in 47 states, claiming to provide the most comprehensive title information system.
Real estate agents and mortgage originators can benefit from DataTrace’s TitleFlex platform, which allows for effective prospecting by identifying potential property buyers or sellers. The platform offers pre-defined searches and list-building capabilities to generate targeted lists, assisting in business growth.
In supporting real estate agents and lenders with these services, title companies must ensure compliance with regulations like RESPA to prevent illegal business incentives. Title companies need to avoid situations like the one in 2021 where First American Title Co. faced penalties for providing perks to real estate agents.
For more information, join the Inman Connect Las Vegas event happening from July 30th to August 1st. This event provides a collaborative environment for industry professionals to shape the future of real estate. Secure your tickets now to be a part of this transformative experience.
DataTrace, a subsidiary of First American Financial, operates over 1,800 U.S. title plants and provides detailed title history information, property tax assessment data, document images, and property profiles in 47 U.S. states. They have recently expanded their coverage in Florida and Texas, deepening their data with up to 30 years of historical information. DataTrace uses proprietary artificial intelligence and automation technology to provide the most comprehensive title information system available.
Real estate agents and mortgage loan originators are leveraging DataTrace’s granular data to identify prospective clients, including renters who are ready to buy, empty nesters, and fix-and-flip investors. DataTrace’s TitleFlex property data platform offers new search and automated list-building capabilities, allowing title companies to create custom prospect lists from over 150 million residential properties. This helps real estate agents and lenders generate highly targeted client lists and nurture their business relationships.
However, title companies need to ensure compliance with regulations like the Real Estate Settlement Procedures Act (RESPA) to prevent the payment of kickbacks in exchange for business. In the past, companies like First American Title Co. have faced penalties for providing illegal perks to real estate agents. By using DataTrace’s data and technology responsibly, real estate professionals can effectively target potential clients and grow their businesses while staying compliant with regulations.
Source link