Consumers will benefit
By Matt Carter, Tuesday, October 9, 2007.Bookmarking Sites
So the "major announcement on title insurance rates" promised by California Insurance Commissioner Steve Poizner Friday (see previous post) was in fact the launch of a new industry-backed Web site. The site, TitleWizard, is supposed to help consumers shop for the best deal on title insurance (see Inman News story).
To make sure the point wasn't lost, Poizner joined California Land Title Association President Margaret Foster and Executive Vice President Craig Page (left to right in photo) at a new housing development in Sacramento's Tapestri Square, posing in front of a billboard promising, "Consumers will benefit."
Poizner, who has given the industry until 2011 to institute reforms, issued a statement calling TitleWizard "a first step to infuse competition into the title insurance industry."
Photo credit: California Department of Insurance
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Submitted by Anonymous on October 9, 2007 - 7:31pm.
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Submitted by Anonymous on October 9, 2007 - 8:10pm.
These people are just flat out stupid, they think that a website will solve the problem. The problem is with the large underwriters dominating competition and sham title cos which are also typically run by the large underwriters. sigh
Submitted by Anonymous on October 10, 2007 - 6:38am.
Ok, so pardon my ignorance...but how does the consumer really benefit? Do they seriously think that by adding a website or a slick new feature (that already exists in other places) they will help the consumer? Scary thought.
Submitted by Anonymous on October 10, 2007 - 6:37pm.
All I read is criticism from these posts. A lot of work and time and energy and money went into providing consumers the ability to comparison shop.
What is scary are these negative posts, with no explanation.
The United States is the only country in the world with Real Property rights and ease of transfer and ability to borrow money against your Real Estate that you own. The Title Insurance Industry is a big part of that.
Consumers now have the ability to compare prices and make an informed decision if they want. That is what was accomplished. That is a good thing.
Real Estate and related services employee a lot of people and create a lot of security for families.
Please, those of you who want to criticize, come up with something concrete to say.
Submitted by Anonymous on October 12, 2007 - 2:13pm.
Thanks for commenting Rich. Rich Macaluso is the president and COO of Orange Coast Title, and immediate past president of the California Land Title Association.
Submitted by Anonymous on October 16, 2007 - 6:43pm.
Titlewizard is political cover and that's kinda disappointing. I was hopeful that California would have the fortitude to withstand the title insurance establishment and go for REAL changes that foster REAL price competition.
I really think California should take another look at the monoline debate. Much has changed since the Radian suit. The big four title insurers have largely divorced themselves from traditional title examination and cures - relying instead on a casualty style of underwriting. If legislators opened up title insurance to multiline providers, consumers can simply pull coverage into their hazard insurance policies at a much lower rate. Lenders can buy lien protection in umbrella policies and everybody wins.
Submitted by Anonymous on October 16, 2007 - 6:45pm.
Rich - Is that concrete enough?