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PSA - Alliance Title closing stuns employees, real estate firms

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Services for Real Estate Pros with Bayside Escrow, Inc.

Click here for the story: http://www.modbee.com/local/story/151914.html

 You know the Inveestors Title is the parent company and they did the same thing to Financial Title Company, which was one that we used a lot. They gave more than one day notice, but any files that were open and did close by the day before they closed their doors were actually shredded!! We had to scramble and move open orders to another title company, they would not even grandfather them into another unit to close them out.

They also transferred some title reps from Financial to Alliance to "save their job" and the rep we used was one who moved and is now homeless and jobless.

So, I am not surprised that they handle Alliance this way! This was waaay to brutal!!!

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AtlantaGa Mortgage
Atlanta GA Mortgage - Lawrenceville, GA
I think this is only the beginning of companies like this going out of business or closing there doors.
Dec 17, 2007 07:33 AM
Chris Pollinger
Berman & Pollinger, LLC. - San Diego, CA
Consulting for Luxury Teams and Brokerages
There will be more shake ups as the industry continues to consolidate. 
Dec 17, 2007 07:55 AM
Shannon Peace
Bayside Escrow, Inc. - Santa Ana, CA

Andrew;

I think in the case that I mentioned they were able to because they didn't shred anything that wasn't already of public record and they were shredding their own prelims and docs. All original docs, if there were any in the file, were returned to Escrow. The one thing that was bad was that we had a few files that had to go through a re-approval process with lenders because the title company had changed. The autmatically puts the client back into underwriting and at rick of losing their loan program since things change so often. We had to get rush prelims from other title companies to try and salvage a few deals so that they could still doc, sign and close by month end.

It is still shocking, but they must have been able to legally...I would hope.

Thanks for the comment! :)

Jan 15, 2008 03:52 AM
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