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How Well Do You Know Your Title Company?

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How Well Do You Know Your Title Company?

  1. 1. HOW WELL DO YOU KNOW YOUR TITLE COMPANY? 10 QUESTIONS TO CONSIDER
  2. 2. KNOW YOUR TITLE COMPANY TOP 1O QUESTIONS TO CONSIDER1. Do you consider them an extension of your 6. Do they have a broad and national base of company? experience?2. Do they support your pipeline and improve your 7. Does your title company have a Surety Bond? turn times? 8. Who is their underwriter?3. Are they current in their use of technology? 9. Do they have references?4. Is social media important? 10. Are Fidelity Bonds in place?5. Is E&O coverage in place and adequate to cover losses? 2
  3. 3. QUESTION #1DO YOU CONSIDERTHEM AN EXTENSIONOF YOUR COMPANY?TRUST IS ESSENTIAL.The answer should be yes. If you are unable establish There are “many moving parts” in Title Business: It isclear communication throughout your Title Company’s experienced staff that makes sure the moving partsorganization for your Management, Processors and work to your advantage, delivering the service levelsLoan Originators, you should consider alternative contracted for. Don’t settle for cost saving shortcutsproviders. Remember, this is a Business to Business with departments you find difficult to communicaterelationship, and the old adage “People do business with.with people they like”, cannot be overlooked in theTitle and Closing Services Business Arena. There are many National Title Companies that focus on keeping communications in the forefront of the client relationship. Seek them out! 3
  4. 4. QUESTION #2DO THEY SUPPORTYOUR PIPELINE ANDIMPROVE YOURTURN TIMES?DO THEY IMPROVE YOUR BOTTOM LINE?With the technology in today’s market, there is no Seek out real-time data systems available in thereason to guess where you stand on any transaction. market place being used by national title companies.The wrong technology and reporting can be adetriment to your pipeline production and growthcapabilities. Don’t settle for paper reporting andovernight data runs for your information. 4
  5. 5. QUESTION #3ARE THEY CURRENTIN THEIR USE OFTECHNOLOGY?DO THEY SAVE YOU TIME AND MONEY?It is a great idea to perform an informal audit of your Today’s technology tools provide instant, accurate andTitle Companies technology and how it is impacting secure environments to save you time and money.your operating procedures. If you are still dealingwith stacks of paper, faxes, multiple phone calls and Think of a paperless workplace!emails then you need to challenge the technologyyour Title Company is providing you. 5
  6. 6. QUESTION #4IS SOCIAL MEDIAIMPORTANT TOYOUR TITLECOMPANY?RELATIONSHIP BUILDING SHOULD BE IMPORTANT.Today’s environment and work culture calls on Social Seek Title Companies in the forefront of Social Media.Media to enhance communications, keep current withindustry trends, link people and expand industry This will give insight into the culture and see the realknowledge. company you are partnering with. 6
  7. 7. QUESTION #5IS E&O COVERAGEIN PLACE ANDADEQUATE TOCOVER LOSSES?IS THERE PROOF OF COVERAGE?Professional Liability Insurance (PLI), more commonly some states, but not all. Most, if not all, titleknown as Errors & Omissions Coverage (E&O) protects underwriters, require that their agents carry E&Oindividuals and companies against claims made for coverage. However, the amount of coverage the agentinadequate work or negligence. E&O insurance often is required to have, will vary. Some title companiescovers both court costs and any settlement or loss, up may have $250,000 in coverage, while others mayto the amount specified on the insurance contract. have $10,000,000 in coverageE&O is required to be carried by title agencies in Ask you Title Company for proof of coverage before doing business. 7
  8. 8. QUESTION #6DO THEY HAVE ABROAD ANDNATIONAL BASE OFEXPERIENCE?ARE THEY ESTABLISHED AND EXPERIENCED?Many Title Companies profess expertise in today’s Don’t get caught with lending needs in out of marketmarketplace. The key to doing business nationwide is areas, and find yourself “searching for a solution”. Theto have a keen understanding of the local markets and days and hours to locate the one perfect provider forthe skillset to underwrite transactions in those areas that one transaction, will result in the loss of otherto complete a successful closing transaction. efficiencies, increasing your time to final closing. Search for a Title Company with established and proven National Coverage. 8
  9. 9. QUESTION #7DOES YOUR TITLECOMPANY HAVE ASURETY BOND?HOW WELL ARE YOU COVERED?A surety bond protects companies and consumers All states don’t require a Surety Bond, nor do allshould the title agent or agency fail to perform its Title underwriters.tasks correctly, and any financial loss that mayresult. Surety Bonds are not easily obtained. Get a clear on understanding from your title company of the Surety Bond protection they have in place for their customers. 9
  10. 10. QUESTION #8WHO UNDERWRITESYOUR TITLECOMPANY?UNDERWRITING IS IMPORTANTDoes your agent work with a local, regional or What is the relationship your agency has with theirnational title underwriter? underwriters ?The answer could effect your business in a number of Does your agent have high claims rates and are aways: from the title insurance premiums your liability to their underwriter, or does the underwritercustomers are charged for the policy being purchase, and your agency work together as a true supportto the financial stability of that particular underwriter partner in helping facilitate better solutions for you,to pay claims, should they ever arise. and assist in resolving difficult or complex title matters, to help get your transaction to the closing table. 10
  11. 11. QUESTION #9DO THEY HAVECLIENTREFERENCES?WHAT IS THEIR REPUTATION?There is nothing better than hearing how a Confidentiality is a must in this industry, so you willprospective Title Company is handling clients like you. need to respect that and proceed accordingly.If you are national, seek national references. Ifregional, seek regional references. One thing to note,is that many lenders may not want to be specific, as itmay give away their game plan. That isUnderstandable. 11
  12. 12. QUESTION #10ARE FIDELITYBONDS IN PLACE?ARE THEY COVERED APPROPRIATELY?A fidelity bond is a form of insurance protection While called a bond, it’s actually an insurancethat covers policyholders for losses that they incur policy protecting the business from employeeas a result of fraudulent acts by specific related losses such as: checks, notes and otherindividuals. In the case of a title company, it negotiable instruments, as well as funds in bankusually insures a business for losses caused by the accounts, (including escrow accounts).dishonest acts of its employees. Make sure your Title Company is covered appropriately. 12
  13. 13. YOU CAN TRUSTFIRST TITLE &ESCROWWE ARE AHEAD OF THE PACKFirst Title & Escrow is a National Leader and Pioneer inthe Title IndustryOur agency was the first in the nation to provide anInstant HUD-1 settlement statement and the first tointerface their closing cost system into the GFE of a loanorigination platform. We’ve maintained our status astrailblazers ever since. We focus intensively onmentoring our clients with the goal of creating solid For more information, please visit:operational strategies that will provide excellent returns WWW.FIRSTTITLESERVICES.COMagain and again. Our innovation and comprehensiveknowledge of the industry have afforded us theperspective our clients need in a title and closing partner. 13
  14. 14. OUR PRODUCTSTECHNOLOGY, FLEXIBILITY, MATURITY TITLE AND CLOSING PROPERTY INFORMATION TECHNOLOGYALTA Title Insurance in 50 States and D.C. Property Reports eRecordingLender’s, Owner’s, and Limited Protection Policies Post-Closing Loan Review Services Instantaneous Endorsement GenerationBlanket Protection Policies for Bulk Purchase/ Research, Release & Assignment Services Nationwide Closing Cost CalculatorREO Transactions Document Recording Instant HUD-1 ProductionFull Service Title Clearance Document Retrieval “GFE Creator” ToolProfessional, Mobile and E-Sign Capable Network Final Document Services Transaction Management Dashboardof Title Agents, Attorneys, and Notaries Nationwide Lien Release Processing Proprietary FirstVision technology allows usersBorrower / Settlement Agent Closing Scheduling Tax Searches to manage pipeline, schedule closing, andMortgage Recording communicate with entire team, and easilyPolicy Issuance update title for loan amounts and proposed insured within system.TRANSACTION TYPE EXPERTISE VENDOR MANAGEMENTReverse Mortgages Appraisal Management WE HAVE THE TECHNOLOGY FOR EFFICIENT TURN-TIMES, THEREO/Default Transactions Flood Determination Services FLEXIBILITY TO INTEGRATE WITHCommercial Properties Credit Reporting Services YOUR PROCESS, AND THE MATURITYRefinance, Purchase, and Equity Loan Agency Services TO PROVIDE WORLD CLASS SERVICE.Transactions Business Process Consultation 14
  15. 15. CONTACT US WE’D LOVE TO TALK!To learn more about our real estate services, contact us today!Address:7361 Calhoun Drive, Second FloorRockville, MD 20855Phone/Fax:Toll free 866-484-8537 (866-4TITLES)Fax 1-301-315-8181E-mail:info@firsttitleservices.comFacebook:https://www.facebook.com/pages/First-Title-Escrow/167750113317928Twitter:http://twitter.com/firsttitleLinkedIn:http://linkedin.com/groups/Real-Estate-Wolves-4194706

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