Posts

Showing posts from October 5, 2008

Direct to Borrowers - Title Insurance for Sale Online

Image
In the midst of the worst financial crisis since the 1930s, one that originated in the home mortgage market, it is nice to be able to report some good news. EnTitle Direct Insurance is now selling title insurance directly to borrowers online, with premiums that it claims undercut existing insurers by about 35 percent. EDI also offers borrowers a free way to avoid what to many is the worst part of the mortgage experience -- "pile-of-paper shock." That's the shock that results when borrowers receive a stack of documents at closing, most of which they have not seen before, and which they are expected to sign while the other participants tap their fingers impatiently. EDI provides a Web-based tool it calls Control Panel to allow borrowers to control the flow of documents and information from start to closing. I was a paid consultant to EDI in 2007 but not since, and I have no financial interest in the company. Title insurance premiums have always been substantially higher …