What’s the Deal with Title Insurance?
What’s the Deal with Title Insurance? This is a question more and more consumers are asking. If you work in the real estate/mortgage industry you are probably aware of what title insurance is as well as the issues surrounding title companies and insurers. The vast majority of consumers used to be unaware of what title insurance is, how it works, how much it costs, and the legal issues the industry is facing. With the recent spate of lawsuits against title insurance underwriters and agents this industry has become much more visible to the public. This increased visibility has lead to more consumers learning about title insurance and what they can do to save money on title services. While some companies will suffer because of this increased exposure, consumers and consumer driven title insurance companies will benefit greatly.
The Internet has opened up many industries to consumers and the real estate industry is one of those industries. The Internet has changed the way consumers look for homes and mortgage loans. There is an almost unlimited amount of information available and consumers are using this to their advantage. The mortgage and real estate industries have undergone incredible changes in the recent years and for the most part it is the consumer (and the companies who have embraced the changes) who is seeing the benefits from these changes. The real estate title industry is beginning to change as well and again it is the consumer who will benefit. As consumers become more educated they will begin shopping around for title insurance and try to find title companies who are there to help them and do not engage in anti-consumer partnerships that have landed them in the news and as defendants in lawsuits.
The title insurance industry has been able to thrive under the radar for a long long time. Because title insurance companies dealt only with real estate agents, mortgage brokers, and real estate attorneys they were able to develop partnerships reliant upon illegal kick back and gift schemes. Basically they would give gifts to brokers or agents who sent them business or develop partnerships with them in an effort to steer additional business to the title company. This is illegal everywhere but it was not really looked into until recently. This left consumers footing the bill because the title company would simply pass the costs they paid for gifts and kick backs on to the consumer. Up until recently this has worked well for all parties involved, except the consumer. Now these kick back schemes have come under fire and individual states have started going after title insurance companies involved in these illegal practices. This is great news for consumers and new style title insurance companies, like myClosingSPACE.com, that want to work directly with consumers.
Recent lawsuits against title insurance companies have created an opening for a new type of title insurance company that works directly with the consumer. One of these new title insurance companies is myClosingSPACE.com. By cutting out the middlemen and kick back schemes myClosingSPACE.com is able to offer title insurance and closing services direct to consumers at a much lower rate than traditional title companies. The executives at myClosingSPACE.com saw what was happening in the title insurance industry and set out to develop a system that would benefit consumers in both costs and the entire closing experience. myClosingSPACE.com offers title insurance rates that are much lower than a traditional title agency as well as striving to educate consumers on title insurance. Even if a customer goes with another title company myClosingSPACE.com is happy in the knowledge that consumers are becoming more educated and actually shopping around for title insurance. The title insurance industry is changing and myClosingSPACE.com is one of the companies at the forefront of pushing the changes.
myClosingSPACE.com offers free title insurance quotes and refinance title insurance quotes. These quotes not only show the price from myClosingSPACE.com but they also include a comparison quote from a traditional title insurance company, which allows users to see how much they can save with myClosingSPACE.com. The comparison shows how the flat fee structure of the myClosingSPACE.com quote cuts out all of the “junk fees” that traditional title agents employ to recoup the costs associated with their partnerships and kick backs to brokers and agents. Once you get a quote a customer service representative from myClosingSPACE.com will contact you to discuss any questions you have and explain the entire title insurance and settlement process. myClosingSPACE.com also offers closing services and our closers will meet you wherever you would like to close, whether it is your home, office, our office, or a restaurant. myClosingSPACE.com puts control of the title and closing process back where it belongs, in the hands of the consumer.
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