September will mark my first year in the title insurance industry. Title insurance is a complex yet simple commodity that most consumers have little knowledge of. I must admit, I did not know the first thing about title insurance when I came on board at Title Security. But I quickly learned that the business, like any trade, has its own culture and idiosyncrasies that are a joy to learn and explore.
It still amazes me how little information in regard to title insurance is available to the public. In Florida, lenders require that title insurance be obtained before they will loan funds to a buyer. That also means that the buyer and seller have to go through a title company to close the sale of the property. The title company handles all matters related to the purchase and sale or refinance of the property. Once a file is in my hands, I begin to learn who the buyers and sellers are, as well as their real estate agents (if they are using agents) and lenders.
I am responsible for ensuring that a property is clear of any financial liens it may have incurred over the course of the current owner’s tenure. That means I work closely with the underwriter who searches the property for any of these liens and gives me instructions on how to rectify any unsatisfied requirements to clear the title of the property. Mortgages, code violations, unpaid utility bills, and judgments against the owner of the property are only a few of the items I must clear before all parties meet for closing.
All of these elements come together as a type of communication that flows smoothly between each interested member of the transaction. In other words, I am working for the well being of all parties. You can think of title processors as the liaison for all the pieces of the puzzle. The “glue”, if you will, that holds the deal together. Each transaction is in its own way unique and familiar to every other file and processors remember each one specifically. Some become files that we learn what NOT to do, while others become perfect examples of hard work paid off in full.
Whether you are a buyer, seller, real estate agent, or mortgage processor, getting to know your title agent will give you a great advantage when it comes to updates and important information regarding the closing. A well organized title processor follows a structured system that helps maintain order even in the most chaotic of closings. We are constantly adapting to different situations that call for cool and collected temperaments. You’ll never see us sweat! The best title processors have a natural intuition that foresees all possible outcomes, good or bad, and prepared for all of them accordingly. There has to be a plan for every avenue that a file may choose to go down.
But processing a file isn’t the last step in a closing transaction. Meeting at “the closing table” is next in line for finalizing a purchase of a new home, second home, or a refinance on the vacation home. As I prepare to step into training for closing files, I can reflect on all the tricks of the trade I’ve learned throughout the year. Being a “Closer” will allow me to exercise my processing skills as well as discover new client relation tactics that are necessary for bringing everyone together to cross the Ts and dot the Is.
Stay tuned for weekly updates on title processing and closing brought to you by Title Security!