MEDIA ADVISORY: Title Insurance: Borrowers Are Often Overpaying [California Newswire]

Proquest LLC

AUSTIN, Texas, Oct. 19, 2012 (SEND2PRESS NEWSWIRE) -- FirstClose Title announced that its CEO, Cynthia Waterman, will be available at the 99th MBA Annual Convention & Exposition at the Hyatt Regency in Chicago, IllinoisOctober 21-24 to discuss title insurance issues in the mortgage banking industry and how they can be remedied. She is available by appointment at the show or via phone interviews after the show.

WHO: Cynthia Waterman, CEO of FirstClose Title; Expert in title insurance and supporting technologies

WHAT: The Problem: The title insurance business is a component of the mortgage closing process that doesn't get much attention. Most lenders are very concerned that the title insurance cost is accurate on the GFE and thus is in compliance. Like everyone working to close a loan, they want to get the deal done fast for their borrower. But in the effort to get things done expeditiously, a key aspect of price comparison shopping is being missed.

In 2010, it is estimated that consumers overpaid for title insurance by a staggering $6.7 Billion. And, the problem could worsen as purchase markets tick upward because the increased opportunity to reduce purchase title premiums dwarfs the disparity in refinance rates - a difference of sometimes more than $1,000 for a single consumer. Further, borrowers trust their lenders and REALTORS(R) to recommend the best options for title insurance and agree to pay whatever is presented to them by the LO, real estate agent, lender or other party they have chosen to trust. This is a huge, growing problem.

WHY: The Solution: FirstClose Title sought to remedy this pressing issue by developing a sophisticated Comparison Rate Engine, known as GRACE, which empowers lenders to present the best possible title insurance rate to the consumer. By using GRACE, everyone wins -- consumers save money, lenders make money, and loan officers/real estate agents are able to build valuable borrower trust that ultimately results in increased referrals. Notable is that FirstClose Title is so confident that GRACE returns improved pricing to consumers, they go as far to guarantee the title insurance fee quoted to the borrower on the GFE in writing.

Notable is that FirstClose Title is so confident that GRACE returns improved pricing to consumers, they go as far to guarantee the title insurance fee quoted to the borrower on the GFE in writing.

Using FirstClose Title's Comparison Rate Engine GRACE, borrowers can save on average between $400 and $1,000, depending on the state and transaction type. All that has to happen to address this issue is lenders and realtors simply have to start adopting the use of this free technology. But where to begin? Cynthia has the answer.

WHEN: Cynthia is available immediately to discuss title insurance issues and how they can be remedied.

WHERE: Cynthia will also be available to meet by appointment October 21 - 24 at the 99th MBA Annual Convention & Exposition at the Hyatt Regency in Chicago, Ill.

CONTACT: To speak with Cynthia via phone, meet her at MBA Annual or for more information, please contact Joe Bowerbank at 949.378.9685 or [email protected].

About FirstClose Title:

FirstClose Title is the first and only company to bring full transparency to rate selection in a scalable business model. The company provides its powerful certified fees for use by lenders when educating borrowers on their vendor choice for title insurance as a consumer centric and no cost solution to quality GFE data needs and service options for title insurance. The company delivers peak performance throughout the life of every transaction including unmatched clear to close ratios, funding transparency and 72 hour policy issuance for short form policies among other unique services which enhance and reduce front end costs of origination and prevent post closing penalties to originators and lenders as the loan is passed to the secondary market. Learn more at www.firstclosetitle.com/

NEWS SOURCE: FirstClose :: This press release was issued on behalf of the news source by Send2Press(R) Newswire, a service of Neotrope(R). View all current news at the Send2Press for Journalists Portal: Send2PressNewswire.com/ .

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