Just a follow up on this FNB situation. I spoke with John this morning and he said you have some kind of list for an agency work share deal with FNB that mimics the approved attorney program. Presumably that deal doesn't pre-define who gets what share of the premium.
Anyway. As you know we offer consumers the most affordable option in PA for obtaining title insurance and settlement services through our Choose and Save Program. We work for less and the consumer pays less. We think it's a win-win. We made a business decision that we would NOT work through these lender owned programs who overcharge consumers while making us work for even less than we would earn under C & S.
The title order in question was placed with us after JC spoke with the LO and gave her our normal fees. So we are in a position of FNB coming in after we processed the order and expecting us to conform. In a case where we would normally be earning roughly $1100 they want us to do all the work and take $473. We refuse.
We are giving them THREE options:
1. Let us close the deal as sole agent.
2. Let us close deal under work share and we will reduce our earnings to a level equal to what it would be under our C & S program.
3. Tell the borrower to go elsewhere and start over with a different company. We will not release our abstract or lien letters. We have no relationship with FNB to burn. Cathy Cook burned it a long time ago. As I have already released my title commitment, I am emailing you this information because I will be wholly unhappy and will file a complaint with OR if FNB uses our work product to close and insure this transaction. They bargained outside of good faith and I'd rather eat the cost of the abstract and lien letters than to do any additional work as a slave taking crumbs.