New Consumer ‘Title Insurance Guide’ Debuts in Newspaper with Consumer Protection Rating Feature
March 31, 2011
TI Services will provide a weekly guide in the Denver Post to help consumers and real estate professionals select or recommend a reputable title company for their title insurance and closing services.
TI Services LLC will introduce a new consumer “Title Insurance Guide” on April 3 in the real estate section of the Denver Post newspaper. This new weekly guide will provide consumers and real estate professionals with information needed for selecting or recommending a reputable title company for their title insurance and closing services.
Since licensed title companies in Colorado are not required by law to possess any form of insurance to protect themselves or the consumer, an important part of the “Title Insurance Guide” is the independent “Consumer Protection Rating” (CPR) feature, according to Garry Wolff, owner of TI Services. This CPR feature compares and rates subscribing title companies on a scale of 1 to 10 based on their ability to provide certain essential consumer protections (i.e. fidelity, crime, errors and omissions and general business liability insurances, and the issuance of closing protection letters).
“It’s a basic fundamental understanding that you don’t put money in a bank that is not FDIC insured” Wolff said. “So why select or recommend a title company that doesn’t have the business insurance and coverages to protect the consumer’s money and safeguard their real estate transaction?”
The Colorado Division of Real Estate states that licensed real estate brokers and mortgage loan originators have no legal duty to consumers to research the services and costs, as consumers are ultimately responsible to shop and select the title company for their real estate transaction, according to Wolff.
“Therefore, consumers are in need of a viable resource that can assist them in researching a reputable title company that will protect their money and safeguard their real estate transaction and this new guide along with myTitleIns.com has been designed to meet their needs,” Wolff said. “Likewise, title companies now have a cost effective marketing approach that can reach-out to consumers and demonstrate the advantages in their quality service inclusive of the consumer protections they can provide to consumers and their real estate transaction.” Currently, Wolff said lenders using the services of title companies to insure and close their loan transactions, rely on quality service that is inclusive of following two protection elements:
- the financial rating services of AM Best, Demotech and others that actually rate title insurance underwriters as to their financial stability and
- the issuance of a “Closing Protection Letter” (CPL) issued by the title insurance underwriter that provides a lender with additional protections and assurances.