Federal Title Releases New Video for Homebuyers

March 24, 2015

Federal Title & Escrow Co. released a video reminding homebuyers of their right to choose their own title company and explaining why selecting the title company is in the their best interest.

"It's surprising how many homebuyers are still unaware of their legal right to use a title company of their choosing," said company founder Todd Ewing. "We'd like to see the message in this video go viral."

The video introduces the viewer to "Mary the Contrarian," a homebuyer who chooses the best real estate agent, the best mortgage lender and the best home inspector and then discovers online that she can choose her own title company as well. As she continues her research, she discovers the cost for title services can vary by hundreds of dollars.

Titled "The Secret to Lower Closing Costs Revealed," the video encourages homebuyers to shop online for the best rates among title service providers and recommends choosing an independent title company that does not share profits with referral sources.

The video, which is just over 90 seconds long, alludes to the Consumer Financial Protection Bureau's "Know Before You Owe" initiative, which is making the home mortgage industry more consumer-friendly by simplifying mortgage disclosures and cracking down on companies that violate the disclosure rules outlined in the Real Estate Settlement Procedure Act.

"While the government is making efforts to bring transparency to the mortgage industry, consumers can also be proactive as homebuyers by taking the time to investigate the closing process independently," Ewing said.

Contact ALTA at 202-296-3671 or [email protected].