Posted by jlissem on 10/22/06 1:43pm
Msg #154358

Title insurance premium to claim ratio 5%


A 5% payout "aint" bad. That's why they have so much left over for gifts.


http://money.cnn.com/2006/02/13/real_estate/closingcosts_money_0603/index.htm

Reply by Pamela on 10/22/06 2:49pm
Msg #154361

Jlissem Re: Title insurance premium to claim ratio 5%


Here's another excellent website:

http://www.mortgagefraudblog.com


Pam

Reply by TitleGalCA on 10/22/06 11:01pm
Msg #154383

Whats the Matter Jlissem?

A title company that didn't hire you? An Ex that makes more money than you? Are you a disgruntled TC employee that's been let go? An Ex Sales Rep that didn't make it?

Your agenda is so clear with all your posts...and a bit amusing. The Title Company is the Devil. Um, let's examine this for a minute.

The Title Company shoulders the financial responsibility for the transaction. The Title Company takes all the risk. The Title Company is regulated as to the amount of money they can make from the transaction (at least in California). The Title Company also does business like most corporations in America...with agreements, regulations and expenses....perhaps....gifts. I guess you don't like Donald Trump either, or Standard Oil or the Tobacco Companies. The Title Company writes your check, and either mails it (or delivers it, at their own expense) on time. The Title Company sort of rules the real estate transaction, as does other companies that fill a need in industry, any industry.

While you're posting away about the transgressions of a TC...do please tell us all about the cost of gas lately. That would affect most of us much more.

I suggest if you have a better way of doing business? Do form your own Title Company. I can't wait to see how you do things that are different, and save the world from Evil Title Companies.

"Gifts" indeed. Grow up, your comments do nothing but state the obvious, and that is boring.

Reply by jlissem on 10/23/06 6:41am
Msg #154392

Re: Whats the Matter Jlissem?

No. I am mobile Notarty Public,
I do not want to see title companies turning Commiussion Officers of the State of New Jersey into
Signing(sales) agents duping the citizens I serve, tryng to get Notaries to violate their oath of office
by offering incentives to encourage borrowers to sign.
I am a former U.S. Marine, I have 35 years experience as a corp. C.E.O. I have 14 grandchildren;
I am not as a Notary concerned with other industries
Don't tell me to grow up girl.

Reply by TitleGalCA on 10/24/06 12:40am
Msg #154658

Then I suggest You are are a Fine Man

Your concern lies with whatever is going on in your state, and you're just not into 'duping' them. Take your battle where it belongs - First the Notaries that have thier requirements. Second, the incentives need to made public and clear as to the underlying cause. Third - I wouldn't ever, ever question a 35 yr. Marine with 14 grandkids.

J - it's all about picking the battles (something you should know). Get to the bottom of the problem and fight it on that level that makes a difference, but not here...fight it with a decision maker.

I saw that you were in general, trashing the function of the title company, and I can't be quiet about that. Now that I know you have a bona fide issue in your state? Attack the front lines. You're posts attacked TC's and they ARE NOT THE PROBLEM.

I'm sorry I leapt to conclusions but the definite nature of your posts made me so. My apologies. If I can help in any way with letter-writing or other government/political issues, I'm normally pretty good at that stuff.

Olive Branch is extended.

Reply by TitleGalCA on 10/24/06 1:10am
Msg #154660

But you need to read msg 154659 to be effective. n/m

Reply by TitleGalCA on 10/22/06 11:11pm
Msg #154384

One more thought

Please tell me how your limited participation in the real estate transaction (whether or not you charge enough for your service) equates this poor attempt at biting the hand that feeds you?

Reply by Lee/AR on 10/22/06 11:48pm
Msg #154386

If I had to guess

I'd say the point is 'there is money there to pay our fees without beating the NSA down over $10 or $20 bucks'.

Reply by jlissem on 10/23/06 6:47am
Msg #154393

Re: If I had to guess

Lee:
Thank you. I'm glad someone gets point 1.

Reply by Carolyn Bodley on 10/23/06 6:55am
Msg #154394

Re: jlissem - thank you for taking the time to post the link n/m

Reply by Bob_Chicago on 10/23/06 8:45am
Msg #154412

If title insurers had a larger than 5% payout, that would...

maean that they are not doing there job properly.
Tiltle insurance is not the same as auto, life of health
insurance. In those areas they check to see if you are a good driver,
in good health etc, and adjust their premium accordingly.
Title cos check the public records and determine that the titlle is
"clean" per those records. Their risk comes in for such things,
as an unknown heir, an error in the public records, an incompetent
or mis-identified signer(read Notary screwup), etc.
The bulk of their cost in examining title is expended to reduce
their risk as low as possible.
Back in the old days,(pre mid 90's) refi closings were done at the
lenders office or the local TC.
With national lending now the norm, most of our work is done on
behalf of title cos hundreds or thousands of miles away.
The NSA concept was developed for this reason, to reduce the costs
incurred in a re-fi closing, (if done at TC ther closing costs would be
much higher due to overhead , personnel etc,) and to make it
more convenient for the bwr.
TItle fees in states with regulated tilte insurance fees are generally much higher
than in states where the reates are set by the makrket.

Reply by BrendaTx on 10/23/06 9:49am
Msg #154423

Re: If title insurers had a larger than 5% - thank you for

the reality check, Bob.

I was going to say that, but you did it so much better.

Reply by Carolyn Bodley on 10/23/06 10:30am
Msg #154431

Re: Making it more convenient for Borrower

<The NSA concept was developed for this reason, to reduce the costs
incurred in a re-fi closing, (if done at TC ther closing costs would be
much higher due to overhead , personnel etc,) and to make it
more convenient for the bwr. >

It would be interesting to know how many Borrowers have the same sentiment of "convenience for them" when they either aren't asked ahead of time what time is convenient for them to do the signing, or the signing can't be done at the scheduled "convenient" time because there are no documents and lender, title, whoever, just "assume" that the Borrowers don't have a life, have nothing better to do, and will not have a problem with doing the signing at 10, 11 or even 11:30 at night -- as long as the docs are signed "that day" before the midnight hour.

Reply by TitleGalCA on 10/24/06 1:07am
Msg #154659

Oh Puleeze....to the NR Experts

***TItle fees in states with regulated tilte insurance fees are generally much higher
than in states where the reates are set by the makrket. ***

Oh well then...if that statement is true, and rates are established by the Insurance Commissioner (mandated by Law).....'ole California is in a bit of a pickle. Because over the past SIXTEEN YEARS, the rates have not only gone down, but have been bundled into packages for specific transactions, that benefit the end user...the Borrower.

Further? The current RE Commissioner has not a clue about the industry in itself or how it runs and refuses any education in the matter. A logical person would take that to mean that there is a crisis in California and instead of targeting that crisis? It's just easier to ignorantly pick it apart without having the whole picture in front of you.

Perhaps the best response at this point in time would be sympathy/emphathy to what we are trying to accomplish as leaders in the field...Leaders who's decisions might impact YOUR world when they get around to you.

But that would require logic and a sense of business....normally not seen or understood here, by the likes of the short-sighted posting I've seen so far.