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A title insurance policy offers protection against defects in the title to property and real estate. Title insurance benefits both the mortgage company and the homeowner. The title insurance industry services other areas of the real estate and mortgage businesses. In addition to drawing up the insurance policy, title companies manage the back-end work for mortgage and refinance loans, conduct appraisals and perform title searches. Because title companies function in many different areas, many employees typically work at one company.
The keystone part of the title insurance industry may be the title examiners, abstractors and searchers. These professionals perform research on titles and recorded documents to determine the proper chain of title attached to the property. This type of title work typically occurs at the county recording offices. From these offices, documents such as previously recorded deeds and mortgages trace the transfer of owners. Abstractors and searchers also research the proper legal description of the property.
When a loan originates, various fees occur to be paid to different people and entities. These fees are known as closing costs. Because closing costs can become complicated to determine, a settlement statement is drawn up. This statement contains all the loan and closing cost information. A settlement agent’s responsibility is to accurately calculate and collect for each portion of the closing costs. These fees must be paid to the appropriate party before the loan can be funded. Settlement agents also prepare other documents and schedule appointments for the borrowers to sign documents.
Some title insurance companies act as a middle man between the mortgage company and the borrower. The title insurance company processes a large amount of documents daily. Post-closing agents are responsible for reviewing the documents after the closing. They must verify that everything has been signed and notarized properly. After the documents have passed inspection, they are sent to the mortgage company. Mortgage review agents also inspect documents. In this case, they inspect recordable documents to verify that county and state recording standards are met.
Title insurance companies can range in size from a few employees to a few thousand employees. Depending on the size of the company, most employees work in office buildings. The use of technology is crucial in the title insurance industry. In any company, you will find many computers, printers, copiers and fax machines. Typically, each employee has a computer at his work station. Due to the time-sensitive nature of the industry, most employees work on deadlines. For example, if a loan is scheduled to fund on a certain date, all of the necessary paperwork must be completed, signed and reviewed before that date.
Education and Training
Because the title insurance industry is a highly specialized niche, most training occurs on the job. Each position in the company is responsible for a different task, and specialized training is usually conducted. Someone seeking employment in title insurance should possess excellent communication and computer skills. A background in real estate, business or marketing is useful as well. Although most positions do not require a college education, employers may prefer a degree.