In the title business, agents serve an important function, operating in areas where underwriters do not have their own production offices.
A number of recent developments regarding agencies show that even in a tough mortgage origination environment this business model remains attractive.
Through its Web portal, NITA Solutions, Boise, Idaho, is providing a central point of contact for independent title agents and those who place title orders in different geographic markets. The portal acts as a “dashboard” for users
NITA president Doug Brigham said the portal allows independent agents to exchange transactions. “NITA also serves as a single point of contact for lenders and asset managers, allowing them to locate agents anywhere in the country,” he added.
The process starts when the customer places an order through a Web dashboard NITA has established at
The order is then automatically sent to the appropriate title agency in the market where the property is located. “If you're a national, regional or local lender, asset manager, real estate broker, or a title agent; why should you spend time finding a title agent in thousands of cities across the country?” Brigham asked rhetorically.
“Moreover, locally based agencies have proven time and again that they offer the highest quality service and the best turnaround times. NITA gives those agents the ability to combine their coverage to create a nationwide footprint which can compete for national accounts.”
He added that although the system already has agent coverage in all 50 states, it is still adding more independent title agencies to the portal.
Separately, Williston Financial Group, Lake Oswego, Ore., has purchased Northpoint Escrow & Title, a title, escrow and settlement services provider that operates in the Seattle and Tacoma metropolitan areas.
The deal, WFG said, solidifies its geographic footprint in the Pacific Northwest. President and chief executive Pat Stone said the Seattle and Tacoma regions make up over 50% of the Washington state mortgage origination market.
But WFG is not stopping there. Stone said the company, which includes among its subsidiaries a title insurance underwriter, is looking to grow nationally.
“We have aggressively established our presence in Washington and Oregon because they are markets which have at times been challenging for major mortgage lenders to access without strong partners present in those regions.
“We also plan to maintain our aggressive expansion nationwide, as the market remains favorable for cost-effective acquisition. We are pleased with our reception so far in the national market, and remain convinced that now is an optimal time to reach out to customers disaffected by the industry's internal focus of the past several years,” he said.
