Reinventing, restructuring, reorganizing - - call it what you will, the result is the same. As we approach the 21st millennium, the title industry of 1998 bears little resemblance to its forerunner of the early 90s. For those of us who have invested a number of years in this business, the dynamic changes of the past decade have been almost more than we can grasp.
Our business is on the verge of a transformation in which technology is the major enabling force. We not only need to increase the speed and reliability of product delivery, but also must be in a position to have our systems interface with those of our customers.
Much of the title industry’s recent metamorphosis has resulted from the demand of high-volume national lenders for quicker turnaround on title reports and a "bundled services" approach - - a one-stop center for other products and services such as flood certificates, appraisals, property tax services and document preparation services. This demand is transforming the title insurance industry into a high speed real estate information business.
This issue of Title News takes you into this arena for a look at how these components of our business function. You will learn about the breadth and scope of a new range of products and services accessed electronically via a single order. You will also learn about the technological advances that will determine how well we will compete in the future. As we strive to build a more powerful response in reducing the time and cost of the mortgage origination process and provide lenders with expanded products and services, we are also building a sound foundation for our own industry.
We appreciate the willingness of our members to discuss the ancillary services phenomenon and how they are responding to the challenge in this special report.
Charles H. Foster, Jr.