I am the branch manager of a title insurance office. I've enjoyed your blog for the last year or so and I am wondering what your thoughts are on the CFPB proposed changes to the Truth in Lending and RESPA act disclosures and their effect on our industry. I understand and applaud the goal of protecting consumers but I am concerned that these proposed changes will hurt small title offices.
Thanks for your kind words about the blog. I take a long view of this business. I've been in and around it since 1973. It's always been in a state of constant change. Interestingly, though, the community of people just keep playing musical chairs and manage to find places in the ever changing evolution. So, I don't worry too much about the possibility that small agencies such as mine might be effected. We've always tried to roll with the punches, stay honest, and serve the needs of consumers, lenders, and real estate agents. Somehow, doing that we've been able to find niches in large and small markets that have allowed us to survive.
I have already discussed with my staff that it is possible that the evolution of the industry might eliminate or severely change the role of a title agency. If we can't find a way to get rid ourselves of the lousy agents and maintain professional integrity, then like mortgage brokers before us, the business model may be considered too risky and the good guys will be tossed out with the bad. I have assured my staff that they ought not to worry because no matter what, the work of moving real estate will march on. It is a necessary function and there will always be a place for well trained people who know how it works. We'll just move into some other position. Some of us will use our skills to create new businesses that function within a new workplace model.
We need not to be buggy whip makers trying to protect the way we make our living. We can evolve. Don't be afraid. ;)