Qualia Labs, Inc. is one of the few independently-owned companies offering technology customized for our industry. Additionally, they provide the only web-based offering designed to support underwriter functions such as remittances and reconciliations. We selected Qualia because of their outstanding technology solutions, pricing structure and support, in addition to the long list of enhanced features the system will provide our participants.
Yes. After our agreement with Qualia Labs, Inc. is finalized, a series of stakeholder focus groups will be assembled. The focus groups will be comprised of representatives from each industry group with special attention paid to providing representation for organizations of all sizes and locations. Once offices start coming on board to Qualia they will have access to Qualia’s support staff who will help them to configure their own unique deployment based on the individual stakeholder’s needs.
The proposed timeline is as follows:
Historically, insecure communication and outdated software has exposed sensitive data to costly breaches in the title industry. That trend is only growing in recent years with First American’s massive breach of 2019 being widely blamed on dated technology. Qualia’s data security group has mitigated these risks by building a technology infrastructure and closed workflow environment that both protects from malicious attempts at breaches as well as reduces processor errors that may lead to breaches.
Qualia has invested heavily in the security and reliability of its platform, earning the American Land Title Association’s ALTA Elite Provider status as well as the American Institute of Certified Public Accountants’ (AICPA’s) Service Organization Control 2 (SOC 2) certification, and third party accreditation as a certified ISO/IEC 27001:2013 provider from the International Standards Organization.
Qualia is widely-recognized as a national thought leader on data security, one of their recent media features on the subject aired on NBC and is available here.
Yes, to pay for the development, operation, training, ongoing maintenance and support of ITG’s new title production system powered by Qualia Labs, a $30 per transaction fee will be added to the cost of ITG’s title coverage once the new system goes live in January of 2020.
Participants who choose to continue using their existing production software can certainly do so, but the new system developed by Qualia Labs will not integrate with them. Due to the difficulties inherent to on-premise software installations, any such integration would have to be built on a case by case basis. This is part of the reason that the State of Iowa is making a broader move towards cloud and web-based services.
Currently, ITG’s CAP system does not integrate with any title production software so most participants are already using two systems.
Participants will be required to use ITG’s new system powered by Qualia to issue and pay for ITG title coverage products (commitment, certificates, endorsements and closing protection letters). Qualia is providing ITG participants with full access to all features of its industry leading title production software at no additional charge so that ITG participants may perform all of their title and closing tasks in one secure environment but use of such features is optional. Please note that other charges may apply for optional third-party provided products and services available through Qualia’s Marketplace (i.e., electronic recording services, release tracking services, etc.).
Yes, beginning in late 2019, Qualia will be sending representatives to Iowa to introduce and train on the software through a series of presentations and hands on webinars. On an ongoing basis, there will be opportunities for additional in-person sessions as needed as well as access to videos and webinars. In addition to these resources, Qualia has a learning management system built into the software that will allow for participants to learn at their own pace.
Qualia has been around for five years. They have partnerships with hundreds of banks, top service providers in the industry and are integrated with every major underwriter. They are also the fastest growing settlement software in the country.
Qualia just earned $33 million in funding from the same investors behind companies like Uber to continue doing what they’re doing.
Qualia is backed by top tier investors who just awarded Qualia $33 million in funding to continue supporting product expansion. While it’s impossible to predict the future of any company, Qualia is currently processing thousands of transactions per day for more than 1,200 companies and is executing a long term, managed growth strategy designed to reduce risk and ensure continuation of services.
Qualia has roughly 170 employees divided between engineering, sales, and support. All support is housed in their Austin TX office and can be accessed both by phone and email.
Should you ever decide to stop using the Qualia platform, you will still have access to the system. Should Qualia ever have to shut down for any reason causing your loss of access to the system, Qualia will provide your data in an XML format and your documents in a navigable file system.
Each participant runs in a completed isolated, virtualized environment. If you think of Qualia as an apartment building, you’re the only one with a key to your unit. All data storage is isolated by customer; each database and persistent file store is unique per customer.
Securely, in the cloud. Qualia utilizes the same cloud-based system as the US Department of Defense.
No. Please note other charges may apply for optional third-party provided products and services available through Qualia’s Marketplace (i.e., electronic recording services, release tracking services, etc.).
Yes.
Yes.
Yes. The interface is very similar to other reconciliation systems.
The system can automatically clear your bank items, so that you don’t have to manually clear all those items for your reconciliations. You still have to clear exceptions and produce the final reconciliation reports, but Qualia has made it much easier for you.
Yes. You can configure how strict the system is when clearing wires. For example, you can choose to match only based on the amount and clear date, or require an instrument number as well.
Yes. They also support the 2010 HUD, the Closing Disclosure, the ALTA settlement statement and a commercial settlement statement.
Even though the system is easy to use, they’ve designed their learning management system, Qualia University, to make training your staff really quick and easy. The trainings are separated into modules that they can take at their own pace. You can even track your team’s progress to make sure no one is falling behind.
Additionally, Qualia and ITG are partnering to provide a comprehensive series of trainings and seminars right here in Iowa.
Even though the system is easy to use, they’ve designed their learning management system, Qualia University, to make training your staff really quick and easy. The trainings are separated into modules that they can take at their own pace. You can even track your team’s progress to make sure no one is falling behind.
Additionally, Qualia and ITG are partnering to provide a comprehensive series of trainings and seminars right here in Iowa.
Qualia’s phone support hours are 7:00 a.m. -5:00 p.m. Monday-Friday CT.
If you call during support hours, you’ll get a response in minutes.
The system includes a document customization system that lets you add whatever you need. Document storage is included and unlimited.
Yes, many of their users do large commercial work.
No.
