How did we get here? What do we need to do about it?
One thing so few people in the title industry are talking about is the fact that TRID has practically changed the title agency’s status. From main player and key central pillar in the homebuying process, to a 3rd party service provider. The moment the title agency is no longer responsible and signing out on the (what used to be the HUD-1) Closing Disclosure, and that responsiblity has crossed the road over to the lender, the title agency has lost it’s “leader of the homebuying process” status. And that’s major. For the long game.
But wait… there’s more frightening stuff around the corner. Ready? Right now, the lenders are put in a very delicate situation of signing out on something they are not completely in control, the settlement. No matter how much technology you throw at it, the day when lenders will be fed up with penalties and fines and decide to handle settlements in house, that day will be here sooner than later.
So probably the hardest working, most responsable players in the industry, title agencies have received an unfair treatment, as if the “truth in lending” was somehow taken away by settlement agents.
How did we get here and what to do about it?
Why are we here? Significance is the keyword. If title agencies would have fulfilled the role of the leader of the homebuying process, the driver in the community, at scale, title agencies’ words would have weighed more during the drafting and implementation of TRID.
The problem is the solution. Be SIGNIFICANT.
We want to provide as much value as possible to ALL homebuyers and sellers. To provide as much value as possible to Realtors and Lenders, to such an extent that they cannot do their job the way they do, without Title Security, as their title company. We are achieving this through marketing skills, great content creation and education. We have the tools to help you be successful.
TitleCapture is an important part of the solution. This app provides instant title quotes, seller net sheets and buyer estimates (via the TitleCapture Title Agency App).
via article by: Alex Samant, Co-Founder and Marketing Manager of TitleCapture