Friday, November 23, 2007

query: the future of title insurance

Boy, you and me both, we could sure use a crystal ball now couldn't we?

We "traditional" title examiners and agents are operating in a strange industry quagmire in which our supposed leaders and purveyors of what we have to sell - the big title insurance companies - seem to be hell bent on destroying our product - title insurance.

This product which found its roots in the hands of carefully trained attorneys and conveyancers and examiners who had a love for the land and a respect for the quality and integrity of the conveyance process may not survive.

Title insurance has been bastardized by the so-called leaders of our industry and has been reduced to a vehicle for the payment and collection of referral cashola and laid out as the base for the creation of gold plated data silos.

Now, instead of spending energy and creative thought on the education and ethical conduct of title professionals, these "leaders", who are scofflaws themselves, expend all effort in the creation of more referral affiliations and teach how to skirt laws in the quest for cash and data for the silos.

It's a crime against the industry, it's a crime against consumers who deserve and need a quality product provided by ethical, well trained professionals, and it's a crime against those of us who chose what was once an honorable profession. We who made careers, loving and learning the laws governing real estate, have been sacrificed upon the rock of prostituted standards which sits in the church of greed.

I have hope that the future of title insurance will be saved by state and federal regulators who have the ability and motive to rein in the outlaws of title. We're not too far gone to restore a quality product of use to the consumer and we haven't yet lost the professionals who can train and mentor those who come behind us.

4 comments:

brandy148 said...

WOW! Right on, sister!!! I couldn't have said it any better. You hit the nail right on the head. Thank you. Brandy148

Diane Cipa, The Closing Specialists® said...

Thanks, Brandy. Have you seen the proposed uniform closing instructions? We're having a chat over on Radical Title Talk and wondering whether sanity is returning. What do you think?

Anonymous said...

Yeah, building carts for horses to pull was once an honorable profession too! Muskets, Typewriters, 8 track tapes and Title Insurance! All peas in the same pod.

Diane Cipa said...

Maybe, Anon. Guess we'll see.

The examination service we provide keeps real estate records clean and discernible. The insurance as a safety net has enormous value, however, the value of the title insurance system is entirely dependent on the standards maintained by underwriters and their agents.

If the market dictates that a casualty product is preferred, we'll have to adapt.