So the way I read this is that in the future, all title searches will be coded specifically in a "universal system". That system will streamline the way the Processor researching the title policies gets info and will scan a barcode and info pops up. This will save them time making their job easier, but nor removing their job entirely. Just a streamline maneuver. All new properties still have to be coded in, as well as problem titles, and such unrecorded things not entered in. I am sure if there are gaps or anything out of the ordinary it will red line and then have to see what that is about by the Processor. I am not seeing this as a bad thing, just a new thing. jmo
"The system is intended to facilitate the exchange of prior title insurance policies between underwriters that contribute to the system. Old Republic Title Insurance Group, the nation’s third largest title insurance underwriter, has committed to be the first to participate. Each policy included in the blockchain system will be coded with a unique identifier by property, streamlining the search process and increasing the accuracy of searches for prior title insurance policies." |
