Thursday, May 01, 2008

MyClosingSPACE.com and The Closing Specialists

You know, sometimes I think that these two companies are the ONLY TWO on the entire globe who understand title insurance from the perspective of the consumer and who CARE about the consumer.

Here's the only other consumer oriented RESPA news I have found and I want to thank you MyClosingSPACE.com. Here's a blurb:

HUD has responded to the GAO recommendations, and while the proposed RESPA reforms are designed to help consumers shop more intelligently and better understand where their closing costs are going, they will not immediately affect what the myClosingSPACE.com study also revealed 62 percent of all consumers did not know they could purchase their own title insurance and closing services.

This will change once RESPA reforms are passed, says Schmidt. With simplified and standardized forms, consumers will begin to shop for the best values. That will force title insurance companies to actively market to consumers. Involved consumers will make the industry more transparent, more honest, and more market friendly.

4 comments:

Dave Wirsching said...

What an insult to other title agencies who also care about the consumer - but I suppose you have a corner on righteousness? Must be nice.

I will also tell you its more like 90% who don't understand how it really works, and I'd say a good 50+% of the media and legislators/staff don't have the slightest clue either.

It will take years before anyone makes dent in those numbers.

Diane Cipa said...

Well, I guess I've drawn a line in the sand with RESPA reform.

I recognize Kathy Glor's name there on the Petition and so I'll add Kathy Glor to the list of folks in the biz who support consumers and care about improving this corrupted business of real estate.

Anybody else want to step forward and ID yourself as an industry insider who supports this very important reform that will empower consumers, please comment. I'd love to make this a very long list of professionals who care.

Dave Wirsching said...

You are selling the consumer down the river - they will end up with LESS choice and poorer service when this package in implemented.

Shame on you.

Diane Cipa said...

I respect a free marketplace. Do not underestimate the power consumers hold to make choices. Why be afraid to give them transparent disclosure? Why be afraid to give them the information they need to shop in a form that has been tested with real consumers as the most easily understood.

Consumers are paying for the mortgage and settlement service products. I am just so sick and tired of the industry barring them from a free marketplace.

I am just sick and tired of the industry whining that they can't explain anything to consumers because they won't understand.

For goodness sake, I have yet to meet a consumer who doesn't understand when I have a chance to explain their options. They understand and make the choice that THEY think is best for them.