New title insurer undercuts competitors

But rate discounts difficult in some states

In the midst of the worst financial crisis since the 1930s, one that originated in and owes its severity to developments in the home mortgage market, it is nice to be able to report some good news about this market. The newly chartered EnTitle Insurance Co. is now offering title insurance directly to borrowers through its Web site, The premiums charged by EDI undercut those of existing insurers by about 35 percent. In addition, EDI offers borrowers, as a free service, a method of avoiding what to many borrowers is the worst part of the mortgage experience -- "pile of paper shock," or POPS. POPS results from borrowers being presented with a pile of documents at closing, most of which they have not seen before, and which they are expected to sign while the other participants tap their fingers impatiently. EDI provides a tool called "Control Panel" that allows borrowers to control the flow of documents and information from start to ...