Comments on: Title Insurance Fraud Put Under the Microscope http://www.therealestatebloggers.com/2006/05/06/title-insurance-fraud-put-under-the-microscope/ Real Estate Blog, Mortgage, and Development News Fri, 20 Nov 2009 23:48:48 -0600 http://wordpress.org/?v=2.8.6 hourly 1 By: Low in Ohio http://www.therealestatebloggers.com/2006/05/06/title-insurance-fraud-put-under-the-microscope/comment-page-1/#comment-159760 Low in Ohio Fri, 08 Feb 2008 00:54:49 +0000 http://therealestatebloggers.com/2006/05/06/title-insurance-fraud-put-under-the-microscope/#comment-159760 I own a title agency in Ohio, where joint ventures are permitted. When that happened, my marketshare was immediately decreased by 60% - 70%. I haven't seen one of the joint ventures who weren't violating the regulations. They all basically REQUIRE their title company to be used by coaching the consumer to say that they want their joint venture company. Few use disclosures and consumers don't understand what they're for anyway. The JVs are NOT in the best interest of the consumer because they are no longer a neutral party looking out for the best interest of everyone. They obviously look out for the interest of the owners of the Joint Venture. Once the deals are closed, if the consumer has an issue, they're told by the Joint Venture company to take them to court. A consumer who has been overcharged $400, for example, will not spend $1,000 to take the joint venture company to court. Further, the service provided by the joint venture companies is horrible, but apparantly it doesn't matter. As far as title insurance rates being too high, I would have to disagree with that too. If I paid escrow closers $7.00 an hour, I might be able to cut my fees, but I prefer to pay very good quality people who care, because we do care about the consumer and they should be taken care of professionally and with care. My customers are very service oriented people, and they are getting fed up having to fight over the title company. They try, but when the other agent is in a JV, the other agent fights much harder. Joint Ventures need to be stopped in the real estate industry immediately. I own a title agency in Ohio, where joint ventures are permitted. When that happened, my marketshare was immediately decreased by 60% – 70%. I haven’t seen one of the joint ventures who weren’t violating the regulations. They all basically REQUIRE their title company to be used by coaching the consumer to say that they want their joint venture company. Few use disclosures and consumers don’t understand what they’re for anyway. The JVs are NOT in the best interest of the consumer because they are no longer a neutral party looking out for the best interest of everyone. They obviously look out for the interest of the owners of the Joint Venture. Once the deals are closed, if the consumer has an issue, they’re told by the Joint Venture company to take them to court. A consumer who has been overcharged $400, for example, will not spend $1,000 to take the joint venture company to court. Further, the service provided by the joint venture companies is horrible, but apparantly it doesn’t matter. As far as title insurance rates being too high, I would have to disagree with that too. If I paid escrow closers $7.00 an hour, I might be able to cut my fees, but I prefer to pay very good quality people who care, because we do care about the consumer and they should be taken care of professionally and with care. My customers are very service oriented people, and they are getting fed up having to fight over the title company. They try, but when the other agent is in a JV, the other agent fights much harder. Joint Ventures need to be stopped in the real estate industry immediately.

]]> By: BigTx http://www.therealestatebloggers.com/2006/05/06/title-insurance-fraud-put-under-the-microscope/comment-page-1/#comment-42748 BigTx Thu, 10 May 2007 13:59:26 +0000 http://therealestatebloggers.com/2006/05/06/title-insurance-fraud-put-under-the-microscope/#comment-42748 OK, Pollyanna, it's good to know that all is well and right in the States of Texas and Washington, but being involved in the real estate industry in Texas, I have seen some questionable practices and I wouldn't be surprised to find same in Washington. OK, Pollyanna, it’s good to know that all is well and right in the States of Texas and Washington, but being involved in the real estate industry in Texas, I have seen some questionable practices and I wouldn’t be surprised to find same in Washington.

]]> By: Marlow Harris http://www.therealestatebloggers.com/2006/05/06/title-insurance-fraud-put-under-the-microscope/comment-page-1/#comment-2022 Marlow Harris Tue, 09 May 2006 07:41:38 +0000 http://therealestatebloggers.com/2006/05/06/title-insurance-fraud-put-under-the-microscope/#comment-2022 Hello! Just a note here from Washington State. We too are regulated by law and there are no kickbacks or rebates paid that I know of or have ever heard of. Once in awhile, the title reps come around and give everyone a pen or a pad of sticky notes, but that's it. I can't believe that this sways anyone to use their company over another one. I'm happy to say that there's no fraud here in Washington! Hello! Just a note here from Washington State. We too are regulated by law and there are no kickbacks or rebates paid that I know of or have ever heard of. Once in awhile, the title reps come around and give everyone a pen or a pad of sticky notes, but that’s it. I can’t believe that this sways anyone to use their company over another one.

I’m happy to say that there’s no fraud here in Washington!

]]> By: Stacy http://www.therealestatebloggers.com/2006/05/06/title-insurance-fraud-put-under-the-microscope/comment-page-1/#comment-2017 Stacy Mon, 08 May 2006 17:38:37 +0000 http://therealestatebloggers.com/2006/05/06/title-insurance-fraud-put-under-the-microscope/#comment-2017 I too am a realtor in Texas and agree with everything Jackie said! Not happening here to my knowledge. I too am a realtor in Texas and agree with everything Jackie said! Not happening here to my knowledge.

]]> By: jackie http://www.therealestatebloggers.com/2006/05/06/title-insurance-fraud-put-under-the-microscope/comment-page-1/#comment-2011 jackie Mon, 08 May 2006 03:58:27 +0000 http://therealestatebloggers.com/2006/05/06/title-insurance-fraud-put-under-the-microscope/#comment-2011 I am in the Real Estate business in Texas and I happen to know for a fact that any kickbacks offered to agents or brokers in Texas is strictly forbidden. Title Insurance companies are not allowed to do anything for Real Estate professionals that is not a paid service by the agent or broker, in other words they cannot offer to do something for an agent or broker that that agent or broker does not pay for. In other words no kickbacks or rewards for referrals. Also title companies set their fees and agents or brokers have nothing to do with it. I am in the Real Estate business in Texas and I happen to know for a fact that any kickbacks offered to agents or brokers in Texas is strictly forbidden. Title Insurance companies are not allowed to do anything for Real Estate professionals that is not a paid service by the agent or broker, in other words they cannot offer to do something for an agent or broker that that agent or broker does not pay for. In other words no kickbacks or rewards for referrals. Also title companies set their fees and agents or brokers have nothing to do with it.

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