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Reinventing the title industry

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Editor's note: The following essay, contributed by TI Services LLC founder Gary Wolff, was submitted as a part of the "Roadmap to Recovery," an Inman News editorial project through which our audience is envisioning the future of the real estate industry. Click here for details. By GARY WOLFF The title industry is in the midst of re-establishing its image and the value it provides to real estate transactions. The industry has made technological advancements in the title production and the closing processes. Reviewing staffing levels including management will always be a required budgetary process. However, the following elements of the current business model warrant change, to be more cost effective in providing quality service and a profitable bottom line. Multiple offices -- The convenience factor of multiple offices is unwarranted and has proven only to drive up operating costs. Underwriter's agency relationship -- Underwriters must create and adhere to stricter...