“Many title companies claim to provide national coverage, but fall short on having experienced staff capable of delivering quality products and turn-around times.”
Rockville, Maryland (PRWEB) September 07, 2012
First Title & Escrow challenges the mortgage industry to think about its current practices when selecting a title provider. The company announced its theme in a new blog forum entitled “How Well Do You Know Your Title Company? 10 Questions to Consider.“
First Title & Escrow leaders Stephen Papermaster, President, and Kenneth Bloss, Executive Vice President of National Accounts, hope the blog forum will spur mortgage company executives to engage in an open dialogue and to interact and learn from each other.
First Title’s initial post urges executive management at mortgage companies to re-think existing vendor relationships and how the industry operates in today’s environment. The article delves into risks associated with vendors, including the adequacy of Errors and Omissions (E&O) coverage.
According to Papermaster,”Lenders can be at risk without first exploring with their title partner the breadth and depth of their various coverages.“ He encourages mortgage companies “To ask your title company for proof and amounts of various coverages before doing business.“
Bloss wants all mortgage lenders to understand the importance of using a title company with national coverage and experience. He explains, “Many title companies claim to provide national coverage, but fall short on having experienced staff capable of delivering quality products and turn-around times.”
Each week, a First Title & Escrow blog post will challenge the mortgage industry on timely vendor-related issues such as technology, pipeline management and the importance of national title services.
About First Title & Escrow:
First Title & Escrow, Inc. (FT), based in the Washington, DC area, is a service-oriented, multi-state title and real estate settlement services company. The firm serves lenders, banks, brokers, servicers, asset managers and government sponsored enterprises, Fannie Mae and Freddie Mac, through FT’s subsidiary company, Streamline Title & Escrow Services, LLC.
Since 1997, First Title has offered a centralized title and closing services solution through the use of the most advanced, proprietary web-based technologies combined with experienced human resources and personalized service. First Title established a market advantage through the development of a proprietary web-based transaction management platform that allows not only for placement of product and service orders and third party collaboration features, but includes vendor management and process flow tools for life cycle management of each asset, tracking and reporting features and instant document generation.