HOW WELL DO YOU KNOW YOUR TITLE COMPANY?

10 QUESTIONS TO CONSIDER

KNOW YOURTITLE COMPANYTOP 1O QUESTIONS TO CONSIDER

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1. Do you consider them an extension of your company?

2. Do they support your pipeline and improve your turn times?

3. Are they current in their use of technology?

4. Is social media important?

5. Is E&O coverage in place and adequate to cover losses?

6. Do they have a broad and national base of experience?

7. Does your title company have a Surety Bond?

8. Who is their underwriter?

9. Do they have references?

10. Are Fidelity Bonds in place?

DO YOU CONSIDER THEM AN EXTENSION OF YOUR COMPANY?

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QUESTION #1

The answer should be yes. If you are unable establish clear communication throughout your Title Company’s organization for your Management, Processors and Loan Originators, you should consider alternative providers. Remember, this is a Business to Business relationship, and the old adage “People do business with people they like”, cannot be overlooked in the Title and Closing Services Business Arena.

There are “many moving parts” in Title Business: It is experienced staff that makes sure the moving parts work to your advantage, delivering the service levels contracted for. Don’t settle for cost saving shortcuts with departments you find difficult to communicate with.

There are many National Title Companies that focus on keeping communications in the forefront of the client relationship. Seek them out!

TRUST IS ESSENTIAL.

DO THEY SUPPORT YOUR PIPELINE AND IMPROVE YOUR TURN TIMES?

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QUESTION #2

With the technology in today’s market, there is no reason to guess where you stand on any transaction. The wrong technology and reporting can be a detriment to your pipeline production and growth capabilities. Don’t settle for paper reporting and overnight data runs for your information.

Seek out real-time data systems available in the market place being used by national title companies.

DO THEY IMPROVE YOUR BOTTOM LINE?

ARE THEY CURRENT IN THEIR USE OF TECHNOLOGY?

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QUESTION #3

It is a great idea to perform an informal audit of your Title Companies technology and how it is impacting your operating procedures. If you are still dealing with stacks of paper, faxes, multiple phone calls and emails then you need to challenge the technology your Title Company is providing you.

Today’s technology tools provide instant, accurate and secure environments to save you time and money.

Think of a paperless workplace!

DO THEY SAVE YOU TIME AND MONEY?

IS SOCIAL MEDIA IMPORTANT TO YOUR TITLE COMPANY?

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QUESTION #4

Today’s environment and work culture calls on Social Media to enhance communications, keep current with industry trends, link people and expand industry knowledge.

Seek Title Companies in the forefront of Social Media.

This will give insight into the culture and see the real company you are partnering with.

RELATIONSHIP BUILDING SHOULD BE IMPORTANT.

IS E&O COVERAGE IN PLACE AND ADEQUATE TO COVER LOSSES?

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QUESTION #5

Professional Liability Insurance (PLI), more commonly known as Errors & Omissions Coverage (E&O) protects individuals and companies against claims made for inadequate work or negligence. E&O insurance often covers both court costs and any settlement or loss, up to the amount specified on the insurance contract. E&O is required to be carried by title agencies in

some states, but not all. Most, if not all, title underwriters, require that their agents carry E&O coverage. However, the amount of coverage the agent is required to have, will vary. Some title companies may have $250,000 in coverage, while others may have $10,000,000 in coverage

Ask you Title Company for proof of coverage before doing business.

IS THERE PROOF OF COVERAGE?

DO THEY HAVE A BROAD AND NATIONAL BASE OF EXPERIENCE?

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QUESTION #6

Many Title Companies profess expertise in today’s marketplace. The key to doing business nationwide is to have a keen understanding of the local markets and the skillset to underwrite transactions in those areas to complete a successful closing transaction.

Don’t get caught with lending needs in out of market areas, and find yourself “searching for a solution”. The days and hours to locate the one perfect provider for that one transaction, will result in the loss of other efficiencies, increasing your time to final closing.

Search for a Title Company with established and proven National Coverage.

ARE THEY ESTABLISHED AND EXPERIENCED?

DOES YOUR TITLE COMPANY HAVE A SURETY BOND?

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QUESTION #7

A surety bond protects companies and consumers should the title agent or agency fail to perform its tasks correctly, and any financial loss that may result.

All states don’t require a Surety Bond, nor do all Title underwriters.

Surety Bonds are not easily obtained.

Get a clear on understanding from your title company of the Surety Bond protection they have in place for their customers.

HOW WELL ARE YOU COVERED?

WHO UNDERWRITES YOUR TITLE COMPANY?

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QUESTION #8

Does your agent work with a local, regional or national title underwriter?

The answer could effect your business in a number of ways: from the title insurance premiums your customers are charged for the policy being purchase, to the financial stability of that particular underwriter to pay claims, should they ever arise.

What is the relationship your agency has with their underwriters ?

Does your agent have high claims rates and are a liability to their underwriter, or does the underwriter and your agency work together as a true support partner in helping facilitate better solutions for you, and assist in resolving difficult or complex title matters, to help get your transaction to the closing table.

UNDERWRITING IS IMPORTANT

DO THEY HAVE CLIENT REFERENCES?

QUESTION #9

There is nothing better than hearing how a prospective Title Company is handling clients like you. If you are national, seek national references. If regional, seek regional references. One thing to note, is that many lenders may not want to be specific, as it may give away their game plan. That is Understandable.

Confidentiality is a must in this industry, so you will

need to respect that and proceed accordingly.

WHAT IS THEIR REPUTATION?

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ARE FIDELITY BONDS IN PLACE?

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QUESTION #10

A fidelity bond is a form of insurance protection that covers policyholders for losses that they incur as a result of fraudulent acts by specific individuals. In the case of a title company, it usually insures a business for losses caused by the dishonest acts of its employees.

While called a bond, it’s actually an insurance policy protecting the business from employee related losses such as: checks, notes and other negotiable instruments, as well as funds in bank accounts, (including escrow accounts).

Make sure your Title Company is covered appropriately.

ARE THEY COVERED APPROPRIATELY?

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YOU CAN TRUST FIRST TITLE & ESCROWWE ARE AHEAD OF THE PACK

First Title & Escrow is a National Leader and Pioneer in the Title Industry

Our agency was the first in the nation to provide an Instant HUD-1 settlement statement and the first to interface their closing cost system into the GFE of a loan origination platform. We’ve maintained our status as trailblazers ever since. We focus intensively on mentoring our clients with the goal of creating solid operational strategies that will provide excellent returns again and again. Our innovation and comprehensive knowledge of the industry have afforded us the perspective our clients need in a title and closing partner.

For more information, please visit:WWW.FIRSTTITLESERVICES.COM

OUR PRODUCTSTECHNOLOGY, FLEXIBILITY, MATURITY

TRANSACTION TYPE EXPERTISE VENDOR MANAGEMENT WE HAVE THE TECHNOLOGYFOR EFFICIENT TURN-TIMES, THEFLEXIBILITY TO INTEGRATE WITHYOUR PROCESS, AND THE MATURITYTO PROVIDE WORLD CLASS SERVICE.

TITLE AND CLOSING PROPERTY INFORMATION TECHNOLOGY

ALTA Title Insurance in 50 States and D.C.

Lender’s, Owner’s, and Limited Protection Policies

Blanket Protection Policies for Bulk Purchase/

REO Transactions

Full Service Title Clearance

Professional, Mobile and E-Sign Capable Network

of Title Agents, Attorneys, and Notaries Nationwide

Borrower / Settlement Agent Closing Scheduling

Mortgage Recording

Policy Issuance

Property Reports

Post-Closing Loan Review Services

Research, Release & Assignment Services

Document Recording

Document Retrieval

Final Document Services

Lien Release Processing

Tax Searches

eRecording

Instantaneous Endorsement Generation

Nationwide Closing Cost Calculator

Instant HUD-1 Production

“GFE Creator” Tool

Transaction Management Dashboard

Proprietary FirstVision technology allows users

to manage pipeline, schedule closing, and

communicate with entire team, and easily

update title for loan amounts and proposed

insured within system.

Reverse Mortgages

REO/Default Transactions

Commercial Properties

Refinance, Purchase, and Equity Loan

Transactions

Appraisal Management

Flood Determination Services

Credit Reporting Services

Agency Services

Business Process Consultation

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CONTACT USWE’D LOVE TO TALK!

To learn more about our real estate services, contact us today!

Phone/Fax:Toll free 866-484-8537 (866-4TITLES)Fax 1-301-315-8181

Address:7361 Calhoun Drive, Second FloorRockville, MD 20855

Twitter:http://twitter.com/firsttitle

Facebook: https://www.facebook.com/pages/First-Title-Escrow/167750113317928

E-mail:info@firsttitleservices.com

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