1. HOW WELL DO
YOU KNOW
YOUR TITLE
COMPANY?
10 QUESTIONS TO CONSIDER

2. KNOW YOUR
TITLE COMPANY
TOP 1O QUESTIONS TO CONSIDER
1. 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?
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3. QUESTION #1
DO YOU CONSIDER
THEM AN EXTENSION
OF YOUR COMPANY?
TRUST IS ESSENTIAL.
The answer should be yes. If you are unable establish There are “many moving parts” in Title Business: It is
clear communication throughout your Title Company’s experienced staff that makes sure the moving parts
organization for your Management, Processors and work to your advantage, delivering the service levels
Loan Originators, you should consider alternative contracted for. Don’t settle for cost saving shortcuts
providers. Remember, this is a Business to Business with departments you find difficult to communicate
relationship, and the old adage “People do business with.
with people they like”, cannot be overlooked in the
Title 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!
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4. QUESTION #2
DO THEY SUPPORT
YOUR PIPELINE AND
IMPROVE YOUR
TURN 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 the
reason to guess where you stand on any transaction. market place being used by national title companies.
The wrong technology and reporting can be a
detriment to your pipeline production and growth
capabilities. Don’t settle for paper reporting and
overnight data runs for your information.
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5. QUESTION #3
ARE THEY CURRENT
IN THEIR USE OF
TECHNOLOGY?
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 and
Title Companies technology and how it is impacting secure environments to save you time and money.
your operating procedures. If you are still dealing
with stacks of paper, faxes, multiple phone calls and Think of a paperless workplace!
emails then you need to challenge the technology
your Title Company is providing you.
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6. QUESTION #4
IS SOCIAL MEDIA
IMPORTANT TO
YOUR TITLE
COMPANY?
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 with
industry trends, link people and expand industry This will give insight into the culture and see the real
knowledge. company you are partnering with.
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7. QUESTION #5
IS E&O COVERAGE
IN PLACE AND
ADEQUATE TO
COVER LOSSES?
IS THERE PROOF OF COVERAGE?
Professional Liability Insurance (PLI), more commonly some states, but not all. Most, if not all, title
known as Errors & Omissions Coverage (E&O) protects underwriters, require that their agents carry E&O
individuals and companies against claims made for coverage. However, the amount of coverage the agent
inadequate work or negligence. E&O insurance often is required to have, will vary. Some title companies
covers both court costs and any settlement or loss, up may have $250,000 in coverage, while others may
to the amount specified on the insurance contract. have $10,000,000 in coverage
E&O is required to be carried by title agencies in
Ask you Title Company for proof of coverage before
doing business.
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8. QUESTION #6
DO THEY HAVE A
BROAD AND
NATIONAL BASE OF
EXPERIENCE?
ARE THEY ESTABLISHED AND EXPERIENCED?
Many Title Companies profess expertise in today’s Don’t get caught with lending needs in out of market
marketplace. The key to doing business nationwide is areas, and find yourself “searching for a solution”. The
to have a keen understanding of the local markets and days and hours to locate the one perfect provider for
the skillset to underwrite transactions in those areas that one transaction, will result in the loss of other
to complete a successful closing transaction. efficiencies, increasing your time to final closing.
Search for a Title Company with established and
proven National Coverage.
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9. QUESTION #7
DOES YOUR TITLE
COMPANY HAVE A
SURETY BOND?
HOW WELL ARE YOU COVERED?
A surety bond protects companies and consumers All states don’t require a Surety Bond, nor do all
should the title agent or agency fail to perform its Title underwriters.
tasks correctly, and any financial loss that may
result. 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.
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10. QUESTION #8
WHO UNDERWRITES
YOUR TITLE
COMPANY?
UNDERWRITING IS IMPORTANT
Does your agent work with a local, regional or What is the relationship your agency has with their
national title underwriter? underwriters ?
The answer could effect your business in a number of Does your agent have high claims rates and are a
ways: from the title insurance premiums your liability to their underwriter, or does the underwriter
customers are charged for the policy being purchase, and your agency work together as a true support
to 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.
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11. QUESTION #9
DO THEY HAVE
CLIENT
REFERENCES?
WHAT IS THEIR REPUTATION?
There is nothing better than hearing how a Confidentiality is a must in this industry, so you will
prospective Title Company is handling clients like you. need to respect that and proceed accordingly.
If you are national, seek national references. If
regional, seek regional references. One thing to note,
is that many lenders may not want to be specific, as it
may give away their game plan. That is
Understandable.
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12. QUESTION #10
ARE FIDELITY
BONDS IN PLACE?
ARE THEY COVERED APPROPRIATELY?
A fidelity bond is a form of insurance protection While called a bond, it’s actually an insurance
that covers policyholders for losses that they incur policy protecting the business from employee
as a result of fraudulent acts by specific related losses such as: checks, notes and other
individuals. In the case of a title company, it negotiable instruments, as well as funds in bank
usually 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.
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13. YOU CAN TRUST
FIRST TITLE &
ESCROW
WE ARE AHEAD OF THE PACK
First Title & Escrow is a National Leader and Pioneer in
the Title Industry
Our agency was the first in the nation to provide an
Instant HUD-1 settlement statement and the first to
interface their closing cost system into the GFE of a loan
origination platform. We’ve maintained our status as
trailblazers ever since. We focus intensively on
mentoring our clients with the goal of creating solid For more information, please visit:
operational strategies that will provide excellent returns WWW.FIRSTTITLESERVICES.COM
again and again. Our innovation and comprehensive
knowledge of the industry have afforded us the
perspective our clients need in a title and closing partner.
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14. OUR PRODUCTS
TECHNOLOGY, FLEXIBILITY, MATURITY
TITLE AND CLOSING PROPERTY INFORMATION TECHNOLOGY
ALTA Title Insurance in 50 States and D.C. Property Reports eRecording
Lender’s, Owner’s, and Limited Protection Policies Post-Closing Loan Review Services Instantaneous Endorsement Generation
Blanket Protection Policies for Bulk Purchase/ Research, Release & Assignment Services Nationwide Closing Cost Calculator
REO Transactions Document Recording Instant HUD-1 Production
Full Service Title Clearance Document Retrieval “GFE Creator” Tool
Professional, Mobile and E-Sign Capable Network Final Document Services Transaction Management Dashboard
of Title Agents, Attorneys, and Notaries Nationwide Lien Release Processing Proprietary FirstVision technology allows users
Borrower / Settlement Agent Closing Scheduling Tax Searches to manage pipeline, schedule closing, and
Mortgage Recording communicate with entire team, and easily
Policy Issuance update title for loan amounts and proposed
insured within system.
TRANSACTION TYPE EXPERTISE VENDOR MANAGEMENT
Reverse Mortgages Appraisal Management
WE HAVE THE TECHNOLOGY
FOR EFFICIENT TURN-TIMES, THE
REO/Default Transactions Flood Determination Services FLEXIBILITY TO INTEGRATE WITH
Commercial Properties Credit Reporting Services YOUR PROCESS, AND THE MATURITY
Refinance, Purchase, and Equity Loan Agency Services TO PROVIDE WORLD CLASS SERVICE.
Transactions Business Process Consultation
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15. CONTACT US
WE’D LOVE TO TALK!
To learn more about our real estate services, contact us today!
Address:
7361 Calhoun Drive, Second Floor
Rockville, MD 20855
Phone/Fax:
Toll free 866-484-8537 (866-4TITLES)
Fax 1-301-315-8181
E-mail:
info@firsttitleservices.com
Facebook:
https://www.facebook.com/pages/First-
Title-Escrow/167750113317928
Twitter:
http://twitter.com/firsttitle
LinkedIn:
http://linkedin.com/groups/Real-Estate-Wolves-4194706