Industry: Financial Title Company Closes All California Offices

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Financial Title Company, a subsidiary of Mercury Companies Inc, closed all its California offices this week.

Click here for an article in the San Jose Business Journal.

Last December, Alliance Title, also a subsidiary of Mercury Companies Inc, suddenly closed all of their offices. This time it looks like Mercury may be in trouble after lenders pulled Mercury's line of credit. Mercury still faces numerous lawsuits over the closure of Alliance title. Financial Title is reportedly directing their former customers to contact their underwriter, First American Title Company.

When I worked in the title industry, my company used to quote their bond rating to agents and consumers as a sign of security. During the boom years, few people paid any attention. Given the sudden demise of several title companies and downsizing throughout the industry, agents and consumers would be well advised to pay more attention to the underlying health of title companies before making their choice.

Good luck to the former employees of Financial Title, to everyone in the title industry, and to all the former customers of Financial Title who are now stranded.

Frank Jewett

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Rainmaker
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Dean Guadagni
Inner Architect - San Rafael, CA

Frank, I was a former biz dev employee of Bellflower Escrow-Bellflower's attempt to bring "wholesale" title insurance to the market was successful for a short time but fell apart under the weight of overhead the owner refused to pay.

Have you heard anything about Vesta Strategies in San Jose? I have been writing about Ed Okun for the past year and a half and I am wondering if the WSJ story is foreshadowing another Okun type situation?

Thank you for writing this post as it keeps me up to date-thanks!

dean

 

Jul 31, 2008 03:03 AM #1
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Rainer
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Frank Jewett

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