Click for Ann Arbor, Michigan Forecast
Wednesday February 22, 2017
Follow us: facebook twitter RSS feed
Print Comment E-mail

The Title Insurance Crisis

 

continued

Richardson and his wife, Michele, had just purchased LandAmerica's Ann Arbor branch when lending froze that fall-putting a lid on the home sales that drive the firm's business. "We had a 45 percent drop in orders from September to November," Richardson says. And LandAmerica, the nation's third largest title insurer and the underwriter of many of Liberty's policies, went bankrupt.

People typically purchase title insurance when they buy a property or refinance a mortgage. It insures against any liens, restrictions, or other "defects" that could lead to problems for the buyer down the line; agents earn their living by researching titles beforehand to minimize claims. But since the financial crash "it's harder to get loans approved and closed, or people aren't refinancing," says Scott Broshar, who co-owns Absolute Title with Christy Perros. And that, says Perros, leaves local firms like Absolute Title "competing for a piece of a smaller pie."

Since the crash, a number of title insurance agencies have been absorbed by other companies; underwriters that wrote policies through their own agencies have consolidated them; and some, like LandAmerica, have gone bankrupt. Perros and Michele Richardson, Tom's wife and partner, agree that the number of active operations in the county has dropped significantly; neither would be surprised if the number were half what it was before the crash.

Bookmark and Share
previous  ·  1 l 2 l 3  ·  next page
all on one page
read more stories here -> Marketplace  l  Culture  l  Community  l  News

You might also like:

Bob Bob
Working from Home (or Workantile) - The pros an... Working from Home (or Workantile) - The pros an...
Map of Restaurants with price $6 To $12 Map of Restaurants with price $6 To $12
Map of Health Care - Alternative Medicine Map of Health Care - Alternative Medicine
Jill Jack - A lively party Jill Jack - A lively party
Meredith Monk - On Behalf of Nature Meredith Monk - On Behalf of Nature
Map of Restaurants that accept Visa Map of Restaurants that accept Visa
NOTE TO SELF RE NEXT CHRISTMAS, by Mary A. Jones NOTE TO SELF RE NEXT CHRISTMAS, by Mary A. Jones
Map of Inexpensive Hotels Map of Inexpensive Hotels
The Himalayan Bazaar's New Year's Eve Trek - Sh... The Himalayan Bazaar's New Year's Eve Trek - Sh...
spark
custom blinds and window treatments, flooring, and furniture
top of the lamp. All your in home lighting needs.
Holiday Inn Ann Arbor. Comfortable Hotel, a home away from home.
Become of Fan of the Ann Arbor Observer on Facebook
Victors For Art February 18th through June 11th
A visitor's guide to Ann Arbor