June 23, 2010 – Traditionally, title insurance is decided upon by the lender, mortgage company, Realtor, or financial institution. This takes the end user out of the loop, and locks them into something that they have no control over. To break this cycle and give consumers more options to choose from, Pennsylvania Title Insurance Company is helping clients cut through the red tape and select the title company of their choice.
Title insurance is indemnity insurance against financial loss from defects in title to real property and from the invalidity or un-enforceability of mortgage liens. It is meant to protect an owner’s or a lender’s financial interest in real property against loss due to title defects, liens or other matters. Nearly all financial institutions require title insurance to protect their interest in the collateral of a loan secured by real estate.
A federal law called the Real Estate Settlement Procedures Act (RESPA) entitles the individual homeowner to choose a title insurance company when purchasing or refinancing residential property. Typically, homeowners don’t make this decision for themselves, instead relying on their bank’s or attorney’s choice. Pennsylvania Title Insurance Company hopes to change this:
“We decided that the only fair option is to let the consumer select a title company they can trust, rather than leave that decision to the financial institution” says Charles Marino, CEO of Pennsylvania Title Company. “We don’t know of any other title companies who are reaching out to the end user like this, and we feel it will be a positive direction in which to take our company” says Marino.
The new business approach is expected to increase customer satisfaction and perhaps set a new standard for the title insurance industry.
For more information or to ask for a quote, please give them a call at 412.249.8241