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Source of Title Blog

The Evolution Of The VMC
by Robert Franco | 2007/10/02 |

VMC Evolution

Source of Title Blog ::




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Categories: Abstractors

0 words | 4060 views | 7 comments | log in or register to post a comment


Although there have been several of...
Although there have been several of us that have expressed this same sentiment in various ways. This really says it all!! Hopefully those that still have not gotten the message, will this time. Very Clever Robert!!!  
by Wanda Steudel | 2007/10/03 | log in or register to post a reply

Might be time to bypass the VM's an...
Might be time to bypass the VM's and try to deal directly with their clients. Sell wholesale rather than retail. Everyone likes a sale/bargain. Who needs the middleman? 
by Kevin W. Ahern | 2007/10/03 | log in or register to post a reply

If the VMC's clients "just" wanted ...
If the VMC's clients "just" wanted a search, they could easily find an abstractor on Source of Title and "go direct." However, there are other services that the VMC's offer, title insurance, appraisals, etc. And, there is a lot to be said for that single point of contact for all of the orders.

It would take a massive joint effort on the part of the abstractors. We all know that is not going to happen. Especially when you consider the initial investment that would be required. As we have seen with NALTEA, abstractors, for the most part, are unwilling to spend any money unless they have some immediate return. The start-up would take a lot of time and there would be no guarantees. It would be extremely difficult to compete with the big VMCs that are mostly owned by the underwriters now.

And, it would be impossible to compete with the "15-minute" search and commitment offered by NextAce. As long as the industry is willing to accept the reduced standards the underwriters have promulgated, I don't think the abstractors can compete.
 
by Robert Franco | 2007/10/03 | log in or register to post a reply

I think you missed your calling-- y...
I think you missed your calling-- you have artistic talent! Nicely done :-) 
by | 2007/10/03 | log in or register to post a reply

For the most part I would agree wit...
For the most part I would agree with your assessment. Any joint effort by the abstractors is unlikely.However, If they wish to survive, I think that they are going to need to offer more than one service to a client.

I think it comes down to a choice of whether the abstractors want to remain in business. If so, they will need the flexibility of providing multiple services. In effect providing the same or a similar database of services provided by the VM's.

Whether it would result in a massive effort remains to be seen.
The big problem has been trying to get the abstractors to unite in any concerted effort. If they offer multiple services, they may not need to unite. It is simply a matter of expanding their marketing efforts to include the clients of the VM's.

I note on that on SOT's services wanted board there is someone in Pennsylvania that may wish to explore the concept of Mini VM's. Perhaps this is somehing that should be explored on a wider basis.
 
by Kevin W. Ahern | 2007/10/03 | log in or register to post a reply

Speaking of multiple services, I di...
Speaking of multiple services, I did a closing last week where the flood cert fee was $26. Most LOSs in our county are down to $15-$20. It might be a good idea for some searchers to add flood certifications to their searches or maybe switch to looking at FEMA maps full-time and let someone else make less money doing the searches. 
by David Jenkins | 2007/10/03 | log in or register to post a reply

Nicely done. ;)...
Nicely done. ;) 
by Diane Cipa, General Manager, The Closing Specialists® | 2007/10/03 | log in or register to post a reply
Source of Title Blog

Robert A. FrancoThe focus of this blog will be on sharing my thoughts and concerns related to the small title agents and abstractors. The industry has changed dramatically over the past ten years and I believe that we are just seeing the beginning. As the evolution continues, what will become of the many small independent title professionals who have long been the cornerstone of the industry?

Robert A. Franco
SOURCE OF TITLE

 

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