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Showing posts from January 27, 2008

Company offers online title insurance

A New Jersey company is breaking with tradition by offering title insurance and mortgage closing services online, it was announced Friday.

MyClosingSPACE.com is offering its services first to New Yorkers, Insurance Networking News said.

Title insurance is required by mortgage lenders to protect sale of property from "defects," which is the term used to describe a mistake made by a title search company that researches the deed to make sure the sale is free and clear.

But, a consumer survey indicated, most consumers are unaware they can purchase the title insurance themselves. Most pass that chore to their attorney, their real estate agent or the bank making the loan.

Title insurance ensures the search company will pay for any loss attributed to defects in the search.

"By going directly to the homeowner, we believe MyClosingSPACE.com will change the way title insurance is purchased," said Sam Ingram, president of the company.

State should reconsider title insurance reform

The Current-Argus Article Launched: 01/23/2008 09:17:06 PM MST
Last September, we encouraged Gov. Bill Richardson to take the advice of an assorted group of experts and support a bill that would make title insurance in New Mexico more competitive, and therefore more affordable. So we were disappointed to learn earlier this week that Richardson has decided not to put the issue on the call for lawmakers to consider this legislative session, despite being urged to do so by the Public Regulation Commission, the attorney general and the public policy group Think New Mexico. Richardson's decision will raise some eyebrows, given the governor's contributions from and connections to the title insurance industry. The Associated Press has reported that, through September, title insurance company officials and their family members have contributed at least $30,000 to Richardson's presidential campaign. On top of that, Richardson presidential campaign manager and former chief of staff Da…