08.24.07
Another Black Eye for the Title Industry
Once again, Minnesota, Land of the Nice, has proved to be Land of the Suckered. Two news articles Pioneer Press and the Star Tribune point out how easily it is for a Title Agency to go into business, handle Millions of Dollars, Dup Banks and the Public, and abscond with funds.
Are Title Underwriters not getting it? NOT EVERYONE BELONGS IN THE TITLE INDUSTRY! Just because someone purports to bring in a bit of business, doesn’t mean they are the right people for the job. Why do we have hundreds of title agents in an area as small as the Twin Cities? Is it because Title Underwriters have been so greedy for business with affiliateded companies, or not, that they will hire anyone who appears on there doorstep with a “sign me up” flag? Is it because Underwriters have been far too lax to check out their Agents before they are signed - to know who they are dealing with? Is it because there is no one overseeing these Agents either from the Underwriters or the Government? Is it because Government oversight is streeeeched far too thin to do any kind of meaningful review? Is it because there are way too many government Agencies that oversee the industry, and no one knows WHO is responsible for the oversight?
What kind of WAKE UP CALL will it take for us to clean up our industry? Will Title Underwriters have to get bailed out -like Banks who made bad loans? I am tired of these sad stories.
I should think the Pioneer Press, the Star Tribune and the hundreds of other newspapers that pick up these daily stories about our industry would make the Lenders, the County Recorders, the Builders, the Public Crazy, but it seems like the trend to sign up just about anybody is just never-ending…