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The Abstract Solution Announces Agency Platform
press release
   

Some of the title industry’s most notable brands have partnered up with a unique new group to service independent title agents of all sizes.

The Abstract Solution has created a platform consisting of such companies as Rynohlive, Simplifile, Redvision, Titlehound, Greenfolders, ReQuire, Turbodeed to name a few as well as an assortment of regional banks. The group exists to assist and benefit the agent-side of the title insurance business.

“We solve several of the problems that are plaguing title agents today," said Matt Einheber, co-founder of The Abstract Solution. “In just the past few years, a new model for running a title agency has emerged.”

“Hand reconciling accounts once a month, sending recording to each county via mail, storing and working with paper files...many agents don’t yet realize that running a title company this way today is like making phone calls with a cup and a string,” said co founder Marc Shaw. “The underwriter terrain is changing rapidly and so are regulations and we recognize that there may be too much changing at once...most title agents that we’ve spoken with aren’t aware that there are much better, faster and cheaper ways to do so many day to day things.”

The Abstract Solution provides title agencies with quick access to vendors that are relevant and vital in the industry on one platform and offers these services at a discount and in some cases at no-cost to the title agency. Vendors like Redvision and a growing network of regional banks cover some of the most basic functions like searches and banking, while newer and more sophisticated tools are introduced from companies like RynohLive, Titlehound, Greenfolders and Simplifile.

“It doesn’t cost a title agency anything to sign up with The Abstract Solution," said Einheber. "If even one or two of our vendors are utilized, it could easily mean extra monthly profits in the thousands. It is literally a zero-risk proposition.”

“In the end, a member of The Abstract Solution Group will be a more efficient, risk adverse and most importantly a more profitable title company.”

For more information and to become a member at no cost, visit http://www.theabstractsolution.com.



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Great, another venue to undercut abstractors. Nothing like a $15 search to make my day!

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I made an inappopriate comment here that was gratuitously negative toward The Abstact Solution's press release.  I've deleted the comment.  For the record, I am not familiar with their business, nor do I have good reason to believe that they are anything but a fine company.  ~Slade, SOT

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Not the idea at all, Mark.  Have you seen the website and short video?  The idea is for a title agency to have access to the best quality available, making them a better agent than the general public.  That is the emphasis, an agent using the tools offered by TAS will be a better agent.  Tools that are available that most agents don't know about, don't know how to access and TAS has put together a better overall package then an agent can get on their own.  In most cases our vendors deliver better costs to our members for obvious reasons, but all TAS vendors especially searchers are screened and vetted for quality.  More inquiries come in from searchers and abstractors than any other vendor and most are not accepted b/c they may deliver a cheaper price but the cost is too high.  Searches are the most important aspect of a title agency's operations and TAS knows that search margins are tight.  No oversees plants and no pressure on searchers to sacrifice quality.  The small businesses in this industry are in some danger these days and we all have to make a commitment to work better and smarter to save ourselves...

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I did watch the video.  IMHO, this is yet another middle man like the Vendor Management companies to mark up the abstract costs and convince the "lowly" abstractor to take more of a hit on prices, even though without the abstractors, the title agencies would have nothing to sell.

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I agree,  Anita. I think the only alternative left is for the abstractors is to unionize or form their own LLC/corporation so that they can legally act to defend themselves against the constant pressure to accept sub-standard prices for their work while expected to deliver a superior product. The past 5 years has shown that they are not going to be able to do it acting individually.

This is  primarily why I got out of abstracting 4 years ago .Too much aggravation and not enough money. It appears to have gotten worse within that 4 years. It is only going to get worse.

The only time I do a title search now is when it is part of a closing. It really is kind of humorous when the VM's contract me offering their sub-standard pricing with an attitude like they are doing me a favor , and try to convince me to do the abstract without the closing. Always a pleasure to tell them..."Not interested". I usually tell them that this is a law firm...not a used car lot, and we do not haggle over prices. 

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How did you fare with the weather this past weekend, Kevin?  Have a couple of friends in CT and they JUST got their power back last night.  My friends and family in the Hudson Valley also had some pretty trying times for so early in the season. 

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Hi Anita,

The blizzard was worse than the hurricane two months ago. 3/4 million people without power in the north end of the state. Numerous deaths from people burning charcoal/gas grills and generators inside their houses trying to stay warm. I was lucky the shoreline was not hit as badly as up north.

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Mark, The Abstract Solution does not mark up any abstractors products.  TAS is not a reseller of any of it's vendors and for vendors that are able to reduce costs for title agencies, 100% of that cost reduction is passed along

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Matthew,

 I don't get it. Perhaps you should explain in detail how abstractors would benefit from this. I've checked out the website and video...There's a lot of "we're awesome and can keep bad things from happening to you and save you money" kind of stuff, but that's all just PR.

How are abstractors benefiting from that company's services?

How does one seek to be "screened and vetted for quality"? What does the screening process consist of?

Does this service seek to bypass searchers in favor of groups like Doc Edge or Red Vision?

Is this a new form of Vendor Management, a way for searchers and potential clients to meet, or something else entirely?

I have no ill will to new and innovative ways of making this business profitable, but all I get from your statements and whats on the website is flash and sizzle. What is the substance that TAS offers?

 

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Gerry,

The answer is: they're not and they're not supposed to.  TAS is really not a tool for abstractors.  This is a platform designed to help independant title agencies.  Abstractor/searchers that are partners of The Abstract Solution are there to hopefully offer a high-quality product option to our members: Title Companies. 

The substance that TAS offers is that if a title company is a member, they have access to many banks that offer $0 fees for all services, very secure escrow reconciliation that is also $0 as a member and reduced costs on many other services that are key to running a title company.  Also title agencies will have direct access to some of the key vendor companies in the industry, many with newer developments that can help a title company operate better. 

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I signed up just to see what its all about. I found out much to my chagrin that its just putting your info on a list so their clients can advertise and sell  their services to you. Seems pretty pointless to me. Again, alot of flash and sizzle and no substance.

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