Industry News

Large California title company closes its doors

Alliance Title grew rapidly during the boom

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A title company headquartered in California's Silicon Valley that once employed more than 2,000 employees at 200 branches has closed its doors without warning. Alliance Title Co., which is licensed to do business in 34 of 58 California counties, grew quickly during the boom -- in part by hiring experienced agents away from other title companies. The company closed its doors effective 5 p.m. Thursday, according to a message at a branch office. The company's Web site has been disabled and messages left with employees at the company headquarters in Campbell were not returned. According to the California Department of Insurance, closings and escrow accounts being handled by Alliance are being transferred to a sister company, Financial Title Co., in areas where that company has offices. First American Title is picking up files in other markets. Consumers have the right to allow the transfer of files, or switch to another company, said Molly DeFrank, a spokeswoman for Insuranc...