Saturday, August 06, 2011

parallel worlds of real estate sales, mortgage lending, and title insurance

Most homebuyers - as consumers - must navigate procedures, language, documents and all sorts of mumbo jumbo created by these three industries just to buy a house.  What's horrendously confusing is that all three industries serving the consumer in the same transaction are not cross trained.  They operate in seemingly separate but parallel worlds with very little understanding of core documents and procedures with which consumers are expected to perform.  Take for example the big three documents that represent the work product of each group:


How many people in the business of real estate sales, mortgage lending or title insurance have read all three documents from start to finish and could explain each clause to a consumer?  If you are in the business and haven't read the documents and thought about a consumer's perspective, please do so.  It may seem boring but if you don't read and understand these very important documents how can you expect your consumer to do so?

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