American Ingenuity is Still at Work in Courthouses

I was in Michigan last week speaking to an amazing group. The company developed special cameras, made in Germany, to take to Courthouses around the country to image public records. The amazing thing is that their cameras read the humps and bumps in those enormous tract books by refocusing the images as they cross the page. In other words, they don’t have to take the books apart. They work in teams, 24/7, traveling with the cameras to wherever they are needed. Some of the team scan the pages, others carefully proof the images for clarity, and they can even create the grantor grantee books and tract books. I am very proud of these people. Lets keep our jobs in the US and lets continue to invent new and better ways of doing the same old tasks.

Thoughtful Article Relates Directly to the Title Business

We all know the title business has changed. Not long ago title insurance was a thorough, labor intensive search of title that uncovered and then repaired title for the homeowner. Now it is an outsourced take-a-quick-peek-at-the-last-deed-of-record and put out a title commitment. Then when all those unresolved problems show up, let’s-just-insure-over-all-those-title- problems-until-they-go-away! I personally feel that the title underwriters have taken a shortcut by no longer researching the title. Yes, it does save the shareholders money up front, but in the long run, will it cost more in claims than the savings.

Forbes Magazine has a great article, Why Amazon Can’t make a Kindle” on what can happen with outsourcing. I see a lot of parallels with the title industry as we outsource posting of title plants and preparation of title commitments. We are losing the skilled trade abstractors, closers, and examiners to save a buck. No one is teaching basic skills any more. I’ll be interested in what you think.

Title Work sent to India

As many of us know, Land Records in the US are now routinely sent to India and the Philippines to be input into our computerized public land records.This is a video of some vintage (14 months old) showing the progress of one India firm with over 600 employees doing over 100 processes in all 50 states it says. An interesting overview for all in the title industry, showing the growth in outsourcing the title  industry overseas and the many companies involved. See video at UTube here.

Fannie Returns to Good Old Fashioned Quality Review

National Mortgage News Reports that FNMA has launched a new directive “that has the look and feel of a bygone era. They want lenders to know who they are doing business with, know where borrowers intend to live and have a clear picture of the borrower’s ability to repay the obligation. Sounds like somebody’s been traveling back in time, doesn’t it?” Read more at National Mortgage News

Info On Home Closing

Home Closing 101: An Educational Initiative of the American Land Title Association