Tuesday, March 04, 2008

query: easy system to get title policies from title companies

I hope you won't think I'm rude, but LOL.

Seriously. you are raising a major issue. If you are working with a responsible company, you'll get the policy, pronto. If not, well no system is going to substitute for a plain old good work ethic.

UPDATE - Thought about this last night. If you are a lender, the simplest method for getting policies is to instruct title insurers to issue ALTA short form loan policies which are delivered with your closing package - no need to wait for recorded docs.

The problem we've seen with lenders who instruct us to issue the short form is that their post closing delivery folks don't seem to know or understand that method. We send the policies with the docs and then get follow up letters saying we never sent the policy. We even put the policy on the top with a big notice, highlighted, that says THIS IS YOUR TITLE POLICY. My guess is that those positions are manned by clerks who haven't a clue about title policies.

;)

1 comment:

Wine Dog said...

They are manned by clerks who need their neck snapped.

I've gotten calls from them where I KNOW the policy went right to them because I did it and I'll have to do it all over again. I save all the transmittals so all I have to do is reprint them. We don't use wet signatures or jackets out here. It's all computer generated.

The best was this once nitwit who called in a policy correction because we didn't send them a CLTA 100 endorsement. That is a California comprehensive endorsement. I had sent them an ALTA 9, which actually provides better coverage. I had to take the ALTA 9 off and replace it with a CLTA 100 so the little dimwit could check the right box and send the package on to it's next stop.