Posted by MelissaCT on 4/25/07 5:10pm
Msg #186968

Interesting article (Source of Title)


http://blog.sourceoftitle.com/index.php?title=do_what_you_know_and_know_what_you_do&more=1&c=1&tb=1&pb=1

Written about abstracting, but is so true to our business. It specifically talks about online training courses...sound familiar??

Reply by Pat/IL on 4/25/07 6:42pm
Msg #186989

If you poke around the Source of Title forum for a while, you'll find that the abstractors face many of the same issues that signing agents are experiencing.

Both are doing lots of business with vendor management type companies who play the local vendors off of each other for the cheapest service. Both experience payment issues, and some of the offending non-payers are stiffing both abstractors and signing agents. In both segments of the industry, the experienced independents complain about the new guys ruining the business.

You are right, Melissa!

Reply by Loretta Reed on 4/25/07 8:37pm
Msg #187011

Yeah, and talk about cut-throat. If you think the notary biz is cut-throat, try being an abstractor, when, 6 years ago we were getting $60-$100 for a title search and now we
have been low-balled by the newbies for $35 searches. I have seen e&o insurance that has doubled in the abstracting industry.

Reply by Mary_in_VA on 4/26/07 12:18am
Msg #187047

The title abstracting business is getting as bad as ours! I received a call today requesting a current owner search in my city. I told the caller that I really have not done title exams in a long time and that I do not carry E&O insurance for title examination. I repeated this 3 times and she repeatedly advised me that it isn't required.

Reply by Kevin/Ct on 4/26/07 4:10am
Msg #187051

While the signing agents and abstractors face many of the same issues...I would have to say that the signing agents are in a much more favorable position with respect to marketing their craft...partly because of greater protections under the law, partly because it is more difficult to outsouce their work and partly because they have a greater willingness to resist the imposition of low fees and unacceptable terms of service than the abstractors.

The signing agents seem to be much more inclined to fight to improve their position in the market. It is a pleasure to work with them

Reply by sue_pa on 4/26/07 8:24am
Msg #187065

'document retrieval'

Several years ago I had a company contact me for doc retrieval. She'd send me a list of properties and I was to verify the deed recording info was correct. If not, they wanted a copy. I was then to search for any mortgages. Search for a satisfaction, any assignments? Seemed easy enough. Then the calls started coming - we need this, we need that. After they'd review what I had faxed and they wanted further info. I know how to search titles although I haevn't done so since the late 70s. This seemed to me to be a very sleezy/cheapo way of doing a title search. This lady was faxing me orders and expecting less than 24 hour turn around. I told her I had to have the orders a day ahead of time as the only time I would go do them was at 8:00 a.m. when the court house opened and the recorder's office wasn't busy. Wasn't good enough - she'd want me to run in for one document in the mdidle of the day and I would refuse - I received .25 per copy and xx(can't remember) for each address. The only way to make $$$ was with volume and I sure wasn't running in town and putting .50 in the meter to earn .25. I told her she needed a 'real' abstractor who was in the court house all day, every day. She said that was too expensive that they didn't need 'title searches'. We parted ways after about 2 weeks.

Reply by Kevin/Ct on 4/26/07 1:09pm
Msg #187161

Re: 'document retrieval'

Sounds typical of the nonsense the abstractors are currently facing. We recently parted company with a client on precisely this issue. Unfortunately it only seems to be getting worse. Unfortunately the abstractors can not seem to unite to effectuate any legal opposition. No one can help them until they are ready to help themselves.