Property ID Title Co. recently announced it will be offering title insurance for both residential and commercial properties in California. Launched by Property ID Corp., a California privately-owned real estate disclosures company, they are taking on the title insurance giants already offering services in the state and are positioning themselves as delivering the lowest cost yet fully compliant title services with better customer service.
Property ID Corp., President Carlos Siderman invented the natural hazard disclosure industry in California according to Harris. Since the company’s inception in 1976, it has evolved to the point where every real estate transaction in California requires an NHD disclosure.
“Mr. Siderman and I have known each other for 20 years and have had conversations about title insurance,” said general manager, Morgan Harris. “He has done such a fantastic job with the NHD world, he felt it was time to do the same thing with the title insurance industry.”
“We are a game changer for title companies, offering complete compliance with state-of-the-art technology supporting real estate agents and brokers in California,” added Property ID Title Company General Manager, Morgan Harris. “The title industry hasn’t been previously challenged to innovate, reduce prices, improve personal service and has virtually no employee loyalty. We’ll show how title companies can provide responsive and personalized services in a timely and cost-effective manner while treating employees like family.”
The company is working with underwriters North American Title Insurance Co. rated “A’ (A prime)” for possessing “unsurpassed financial stability related to maintaining surplus as regards policyholders at an acceptable level.”
Property ID Title plans to compete with incumbent title companies first on price and to distinguish itself by offering the best service that technology can provide, Morgan said. They are offering a feature called “Time-of-Listing Quick Check” so customers know about any issues with a property immediately. Property ID Title operates on an open architecture in a 100-percent paperless environment and is compliant with Consumer Financial Protection Bureau regulations out of the box. “Customers can see the preliminary title policy as it is being created, when it is released and when the file closes. In California, we have an average nine- to 12-month backlog of getting policies out. Ours are out the day the transaction closes,” Morgan said.
Harris went on to say they are going to respect their customers by not competing with them in escrow services. Since 99 percent of Property ID’s customers offer this service, Harris said they didn’t want to take business away from them and instead will concentrate strictly on the title insurance process.
Property ID Title (www.propertyidtitle.com) is located on Wilshire Boulevard in Downtown Los Angeles and plan on expanding to regional offices trough out California.