A dozen title insurance agencies, settlement service companies and law firms have aligned as a national consortium called The 12th Floor Group, with a special focus on promoting legal and regulatory compliance across all sectors of the real estate industries.Billing themselves as a national title insurance "super-alliance," the 12th Floor Group came together in response to the difficulties that arise in creating a national settlement services firm across several states. But the alliance is also intended to address the widely varying legal and regulatory schemes across local and state lines.It’s taken about a year for the group to come together after consulting with mortgage lenders, some of the nation’s largest banks, mortgage insurance and reinsurance companies, government regulators and secondary market members. Why the '12th Floor Group' moniker? Jaime Kosofsky, partner in real estate, title, REO, loss mitigation and closing law firm Brady & Kosofsky and ...
- Billing themselves as a national title insurance "super-alliance," the 12th Floor Group came together to address the widely varying legal and regulatory schemes across local and state lines.
- Championing industry best practices is at the core of the group's culture, but the consortium has made a point to go beyond some of the established industry standards.
- While the group will not be admitting anyone from the real estate side of the transaction, its members have been traveling the country for the better part of the last year to offer education on hot regulatory topics such as TRID and RESPA.