Mortgage broker choosing a title company, what advise on how to choose one, and liability's?

Answer 1

Title company's are bonded and insured by an attorney or a conglomerate thereof so choosing one is generally based on; 1. price to close for your customer 2. how flexible they will be for you based of doing a special closing, rushing a closing, delaying a closing. Most of the time it's a trial and error type situation but I chose mine based on 1 and 2 examples. I have had ones that met 1 and 2 requirements but made a lot of mistakes they did not catch so reliability for my part became most important.

Answer 2

Title company's are insurance companies insuring titles. You can go like banks and see if there in good standing with the state. As with any company you can see if they will insure the title for the full amount of the sale. Ask a few questions and kick the tires so to speak. If you like what you hear good. Also check with a Real Estate Company or so to see what they think of that title co or which one or ones they use.

Answer 3

The previous responder was right in that these companies are usually licensed and bonded so your financial liability should be negligible.

Choosing which company to work with and should be dictated by several issues. Price is important but in my state the companies are regulated by the State Finance Division so the pricing is very close between companies. I have found it more important to be selective about the particular Escrow Officer who actually signs my borrowers. I am currently working with one who understands my style and hot buttons. She emails me a projected closing statement before calling my borrower for a signing appointment so that I can check it for accuracy, she then promptly calls my client and sets a signing appointment that is convenient for them. She will arrange courtesy signings at another office location if it is more convenient for them and calls me with feedback after every signing if I am unable to attend it myself.

We have developed a strong partnership that results in hassle free and accurate closings for my clients and she, in turn, gets my loyalty and all of my business.