Comments on: WA State Cracks Down on Title Insurance Company Inducements

By: Terry Birkland

Terry Birkland — Fri, 03 Apr 2009 19:20:26 +0000

I can’t imagine using an inferior service because they bought me dinner or gave me a free round of golf. I make money providing a service to my client. I want the client to give me referrals because they were impressed and had a rewarding experience. These kind of regulations are aimed at the margins and are a nusance to the professionals in the business.

By: Chris Madden

Chris Madden — Sat, 28 Feb 2009 10:16:17 +0000

I dont think the law will make much difference. Service, detail, and cost are the factors that matter. Although I wouldn’t want to be audited just because Im using the title/escrow that I can rely on. It’ll be interesting to see how it’s enforced.

By: LINDA COFFMAN

LINDA COFFMAN — Fri, 27 Feb 2009 20:31:12 +0000

I wonder if they want to regulate all the gifts given to the Bankers by “The Big Pool of Money” wonder if they received $2.00 coffee cups etc.???? I do business with ethical Title and Escrow Companies that provide outstanding service to my clients. I do not expect the Title or Escrow to offer me any other incentive nor offer my clients any large or small gifts for thier service.

By: William Platts

William Platts — Fri, 27 Feb 2009 08:39:57 +0000

As I continue this CE it just gets worse. This one takes the cake. What do they think, we have no concern what so ever for our own continued success by using well established professional, reliable title services. We develope relationships that work for our customer, thus they work for us. Perhaps I’ve been singled out and just never got the European Riviera vacation on my title company. This is another case of government at its best trying to do its best and falling short of the mark. I guess I’m a very small fish in the pond, but if they want to throw me in jail for my $2.00 coffee mug come and get me! When I get out I will still do business with the people I have some pull with. When its the first deal you do with a company you are at their mercy to get a good job, when its the 100th deal they have done for you, you just simply get a good job. End of story.

By: jason brock

jason brock — Sun, 22 Feb 2009 23:13:20 +0000

I think the new law sucks. I have to spend so much and work so hard in order to acquire my new business. We are in a very tough market and every bit of help goes a long way. I work exclusively with one title and one Escrow Company when ever I have the choice. I believe that these so called kick backs if structured are actually a tool to gain more and new business. I work with my title and escrow because of their extreme attention to detail and great customer service.

By: Beth Damery

Beth Damery — Thu, 19 Feb 2009 20:00:32 +0000

I agree with John’s comment about time. This goes beyond gifts and lunches. Any title company has the ability to move a file on top of a pile, if they have a steady stream of business from any individual loan officer or company.

Be loyal and provide good service and that will be returned to you time and time again. It is a normal business practice to take potential customers to lunch, but not to overwhelm them with preferential treatment and gifts. I guess for the 5.00 per person allotted we can go have a subway sandwich and talk business.

By: Laurie Morgan

Laurie Morgan — Thu, 19 Feb 2009 19:53:19 +0000

I think the title companies have a pretty even playing field. They are responsible for their own demise in this situation. How many Realtor open houses did I attend with the same title rep you see all over in the real estate magazines serving up food etc. I never saw them once do that in my office.

There are quality title and escrow companies everywhere, who give good service to EARN your business. Which is more fair than the give aways. Again I see the realtor’s boo-hooing every where because they actually have to pay for their own advertising now.

By: Robert Paterson

Robert Paterson — Tue, 10 Feb 2009 17:25:12 +0000

Will this law change anything? Doe’s it make sense to”spread your business around so you don’t have a target on your back”. People do business with people they trust and get great service. The only thing this law does is it gives the state another tool to use if and when the state decides it wants to go after a title company for what ever reason.

By: Sharon Eva

Sharon Eva — Mon, 09 Feb 2009 21:57:22 +0000

Although I have read of Title companies guilty of give aways, etc. I have not had the opportunity of becoming a recipient. I believe everyone is well aware that this is illegal and many try to earn your business with good work. My relationship with title insurance companies has been through word of mouth, real estate agents, and networking in industry functions. I believe this is normal business practices and I wouldn’t necessarily say that the law has made title companies competitive, but more on the lines of ethical.

By: Chrissie Durrin-wheatman

Chrissie Durrin-wheatman — Thu, 05 Feb 2009 19:50:18 +0000

I don’t thing it will change a thing!And who really cares. I really don’t!I go by service and responds time. I agree with catherine the state needs to work on other problems at hand!I also LOVE Jim’s comment he put about “Queen Christine” Amen!!

By: Vladislav Baydovskiy

Vladislav Baydovskiy — Sat, 31 Jan 2009 22:40:17 +0000

I think this law will not do anything. Most people in this industry use someone who knows what they are doing, and have devloped a long standing relationship with them. I never had a title/escrow company offer incentives to me to work with them. Even if I had, I would not use them, simply becouse they gave me something. To me, knowing who to use, and someone who will be good to my client is far more important, then a misly gift i would get.

By: Mila Usher

Mila Usher — Sun, 04 Jan 2009 17:15:00 +0000

I don’t think this law will help. Relationships have been built. If there isn’t anyone to enforce the law who is going to tell. Not the people benefitting from gifts and ect. And if someone did blab how are you going to prove it if you have two parties that would obviously have ” no clue whats going on”.

By: Rand Wood

Rand Wood — Sun, 04 Jan 2009 00:08:11 +0000

In defense of title companies most managers and employees are anal,conservative, pencil pushers anyway. Who else could sit in front of a computer and pour over Gov’t documents all day? This is not a put down, it’s the type of people the title industry attracts. Every title employee or manager that I have ever dealt with already knows the RESPA rules and they cautiously abide. Come on folks an occasional post-it-note or calendar with the title companies name on it! It’s about service not trinkets. More bureaucratic B.S., and you and I are footing the bill.

By: Kelly

Kelly — Thu, 01 Jan 2009 00:05:31 +0000

I don’t believe it make a change. I tend to sway my LO’s to use the title/escrow companies that provide the best service. I’ve never had a title/escrow rep try to buy their services or offer incentives. We work with a company repeatedly due to the fact that they provide excellent, quality service. The ones that will go out of their way to make a closing quick, easy, and keep in touch all the way through.

By: Jim Haechler

Jim Haechler — Wed, 31 Dec 2008 20:11:11 +0000

I tend to do business with people i like and trust. I use a title company that is reliable, honest and provides a good service. I’m not sure this bill can be regulated anyway. If title companys are paying inducements now, they’ll find away around this bill. And who will monitor this? How many title companys are in the State of Washington that will have to be monitored? My feeling is that its a small minority that are doing it anyway. I think the state should be more specific about there meaning of “Things of Value”. Maybe they should put a dollar amount to it. Things of value could be a pencil, sticky notes or coffee cups. They all have value. Would these be considered payoffs?

By: John Sarausad

John Sarausad — Wed, 31 Dec 2008 08:37:58 +0000

I feel that this new law is irrelevant to the title companies that brokers pick because we use our title companies for reliability, accoutability, closing, etc, and not for a referral or kick back fee. Being part of an office with over 40 loan officers, it is extremely important to have the title company we use, who is extremely responsive on all our requests and that is why they are more expensive than all the other title companies out there. We use them for their high level of service and have never been “induced” to pick a different title company.

By: Kent Kiser

Kent Kiser — Tue, 30 Dec 2008 18:53:20 +0000

I think the changes and the climate together will produce signifcant change for the better. While I have not witnessed any of this going on I’m sure it exists just the same. To think there are illegal alliances that have been formed and still have the audacity to operate in the same manner seems ridiculous.

By: Dennis Tyler

Dennis Tyler — Tue, 30 Dec 2008 05:01:02 +0000

I believe the changes have made a difference, but not necessarily a positive difference. Title reps are afraid to offer anything at all. The downside is that some of what was being offered was truly of value for the consumer. As a result of this law, the consumer may be a little less informed because they are not getting as much of the trickle-down effect of valuable services that have been cut out. If a loan officer was using services solely for his/her own benefit, that originator does not belong in the business.

By: Brian Paine

Brian Paine — Tue, 30 Dec 2008 00:07:39 +0000

Is it proper procedure to answer the call of an obvious problem? Yes. Will it create a more even playing field? Perhaps, in time. Will it keep, agents, LOs, and title/escrow reps from new creative means of forming seemingly illegal alliances? No…again, as I’ve stated in additional posts…what’s the standard for ethics and moral practices? Answer: It’s being destroyed on a daily basis, so don’t be shocked…keep attempting to do something by all means, you can’t quit.

By: Roger Ingalls

Roger Ingalls — Mon, 29 Dec 2008 23:56:43 +0000

This is a minor drop in the bucket, compared to the real crime.

Title insurance is not insurance. Insurance is buying a policy for a potentially disastrous future event. Title policies are written for past events (deeds of record), and claims can all but be eliminated by careful research of the liens on title. Claims paid are generally less than 10% of the premiums collected (car insurance is around 80%) .

Go for the Iowa system, where they have outlawed Title insurance companies (the state provides it).

By: Carmen Ziranda

Carmen Ziranda — Mon, 29 Dec 2008 23:55:16 +0000

I have worked with several title and escrow companies, I used them not because I got a gift from them but because of the kind of service they provide my borrower and me. This new law does not affect the title or escrow companies I work with. We have a profesional relationship base on perfomance not in material things.

By: Richard Davis

Richard Davis — Mon, 29 Dec 2008 20:28:11 +0000

I think it is a mute point. We select by speed and level of customer service. I do miss the free data services that use to be offered which were a great benefit to the customer. To bad too many people ruined it for the rest of us by taking spiffs for it.

By: Scott E

Scott E — Sun, 28 Dec 2008 23:54:00 +0000

I cant believe that this law would have a place in this arena. I don’t think it will matter. I have many relationships with title, escrow, and insurance, who are professional to my clients regardless of the spiffs. I would like to see how this law will be enforced and how it will be applied to each transaction.

By: Marty Boswell

Marty Boswell — Sun, 28 Dec 2008 18:29:21 +0000

I can’t beleive it needs a law. I have relationships with title and escrow companies over the years because of their professional service to my borrowers not for a box of doughnuts or scratch pads. PLEASE give me a break

By: sam Tabatabai

sam Tabatabai — Wed, 24 Dec 2008 17:13:11 +0000

When things go wrong then everybody burns at the same time. this issue has come to the surface because many companies have violated the ultimate responsibility that we have as mortgage people and realtors and that is the best interest of the client. Any time there is money involve, there is room for fraud, that is it. This has been the case from when the mankind existed. So, to deal with this the authorities have to make it one fit all no exception.