The Title Insurance Industry is Dirty

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Title Insurance with myClosingSPACE

And it reflects poorly on the entire real estate industry. Every person involved in real estate is affected by the negative actions of others in the industry. When consumer read the latest news about a title company ripping them off or a mortgage lender doing the same they believe everyone involved in real estate is corrupt. Working in the title industry I know there are a lot of good people and companies out there but if you just read the news you would assume that everyone involved in title insurance is trying to rip you off. I don't like it and want it to stop

Everyone involved in real estate transactions need to change this. Title insurance companies must stop enticing others with gifts and money to send them business. On the other end those being enticed need to say no. Everyone should be working for the consumer. If these illegal kickbacks don't work they will stop. If we all focus our efforts on the actual client (consumer) we will make the industry more friendly and reputable in the eyes of the public. 

The regulators and governments seem unwilling to clean this mess up so it is up to those in the industry to do it. 

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Rainer
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R. B. "Bob" Mitchell - Loan Officer Raleigh/Durham
Bank of England (NMLS#418481) - Raleigh, NC
Bob Mitchell (NMLS#1046286)

If you want to clean up the real estate industry the best, first step is to write your state representative and ask him/her to think about making it harder to get into the industry.  The biggest problem with the industry is that there are way too many people practicing.  Competition is good, but not when it splits the pie so many ways that people are desperate to make a deal.

 

Bob Mitchell

ValueList Real Estate Services, Inc. 

Dec 12, 2007 02:12 AM #1
Rainmaker
1,088,849
Bill Gassett
RE/MAX Executive Realty - Hopkinton, MA
Metrowest Massachusetts Real Estate
Mark - Bob has a good point - I believe the same. In every business there will be some kind of corruption. In Massachusetts we don't have title agents as you probably know. The lawyers hangle everything - I guess on less hand in the pot helps to some degree. It is a shame.
Dec 12, 2007 05:43 AM #2
Rainer
28,233
Mark Pilatowski
myClosingSPACE - Manhattan, NY

Bob - I agree but I am a free market guy so I prefer the idea of an industry policing itself. Of course when there are no barriers to entry that becomes difficult so your point may be the most valid.

Bill - If you check out the links in my post it will show you that the second case was actually a law firm that settled for their shady practices. So even lawyers can be corrupt.....gasp.

Dec 12, 2007 05:46 AM #3
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Mark Pilatowski

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