Posted by Vince/KS on 5/26/09 5:52pm
Msg #289973
First American Title = Transcontinental Title?
I just had a call from First American Title saying they were taking over all of Transcontinental Title Company business due to a merger. They wanted to know if they could transfer over my file. Then they went on to say that they paid between $50 to $75 per closing (that’s less than ½ of Transcontinental’s payment history). First the e-mail note regarding background checks and now this...
|
Reply by Tom/NJ on 5/26/09 5:57pm
Msg #289974
Wow...keeps getting better and better....First American is the reason for the background checks...
|
Reply by Stamper_WI on 5/26/09 6:09pm
Msg #289977
First American was mentioned in TC's email about the BGC
|
Reply by Tom/NJ on 5/26/09 6:16pm
Msg #289979
Ya..I emailed my contact with TCT after that whole deal and inquired about it since I did not receive an email concerning this and the Vendor Manager(Andrea Somers) replied: "Yes, it's correct. They are required to get a background screen thru NNA in order to keep working for TCT. It's a First American requirement. Have them email me or call me if they have add'l questions  "
|
Reply by Lee/AR on 5/26/09 6:37pm
Msg #289982
buh-bye,TCT n/k/a FASS
|
Reply by Tom/NJ on 5/26/09 6:39pm
Msg #289984
They mention a date for this?
|
Reply by Lee/AR on 5/26/09 6:43pm
Msg #289985
7/1/09 n/m
|
Reply by Tom/NJ on 5/26/09 6:45pm
Msg #289986
Re: 7/1/09
That was the date for the bgc...Is that also when they start paying $50-$75 a closing? My eDoc fee is about to become $50
|
Reply by CF on 5/26/09 7:39pm
Msg #289992
Re: 7/1/09
IMO TCT has been going down-hill for a while. Back in Jan 09 they hired me for an order and paid $150.00 in my same city. When they paid me the check was for only 1/2 of the fee and a letter saying that they would pay me the other 1/2 the next check run; which took 3 weeks. Maybe it is just me but a lot of their orders never closed and the numbers would be wrong....like I said JMO.
Obviously, I won’t be working for American Title and their notorious lowball fees.
|
Reply by MW/VA on 5/26/09 7:59pm
Msg #289996
Once again there is a major company only willing to pay minor fees--& apparently tied to XYZ to boot! I do wish we'd had this info a little while back when the DOJ was investigating XYZ for potentially setting fees for the industry.
Where would they get the idea we can do signings for $50/$75--outrageous!
It's too bad, because TCT was one of the better companies to deal with & paid a RESPECTABLE fee.
The whole thing smells really rotten to me.
|
Reply by Pat/IL on 5/26/09 9:18pm
Msg #290009
I'm pretty sure it was last year that First Amercan purchased TCT. It's a shame. TCT was an impressive company. I an opportunity to take a tour of the company a few years back, while in Clearwater for a conference. Andrea spent a couple of hours with my boss and me showing us around. I couldn't have been more impressed. I still remember the huge monitors on the walls showing the currents status of each closing scheduled for the day. It was like the departure and arrival monitors at any major airport.
I hate to say it, as First American is our underwriter. But they are ruining the title industry, and it ain't just the signing part.
|
Reply by janCA on 5/27/09 12:51am
Msg #290038
And how many signing agents will prostitute themselves out to First American or are at this point in time? It's disgusting!
|
Reply by Prosperity on 5/27/09 7:21am
Msg #290048
This is truly sad news as TCT was one of the good ones.
|
