Saturday, March 22, 2008

Home Title Insurance Fight

The Point of Beginning

Reading the April 7, 2008 issue of Forbes magazine, I noticed a small article on the title settlement industry:

Title Fight (scroll down the page slightly)

Once upon a time, I worked for a very gifted settlement industry guru by the name of Perry Hamilton. He solved this problem. But nobody cared.

"Title insurance firms rake in $18 billion a year for a product that is outdated, largely unneeded and protected by law, we wrote."
— Forbes Magazine

Wrong. Most of you know Les Brown. My favorite motivational speaker. The story I heard was that he bought a house from a friend, failed to buy the title insurance, and then lost his money and the house when the rightful owner came forward. Ouch.

If I were Steve Forbes, and he knew what I know about this industry, he would contact Perry Hamilton ASAP for a great story... and for the opportunity to champion the real fix for the cause of waste in the settlement industry:

Fee Simple Hosting

I was working for Perry as he started this adventure some years ago. His efforts at Condell & Co. via his various publications and events helped raise the professionalism in the industry. Those in the industry know that the article quotes bogus margins of 86% to 89%. Yes, they have unusual reporting metrics (using the term commission very loosely), but the real problem is waste. Perry Hamilton and a small team invented a better solution.

But the major players have yet to adopt his "Universal File Sharing" of policies.

That is the real crime.

Jeff 'SKI' Kinsey, Jonah LLC
(330) 432-3533

P.S. I recall suggesting an Open Source solution, but Perry demanded the legitimacy of an IBM to help persuade the big boys. Five years later, we know that has yet to help. Maybe time to revisit the technology players? Especially in the light of Sun and Jonathan Schwartz' purchase of mySql...

Perry: if there is anything I can do to help, let me know.

©2008 LLC. All rights reserved.

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